Terrace Hill Group plc, in a new funding and development joint venture with Peveril Securities, has purchased the Heaton Retail Park in Manchester from Standard Life Investments for £5.7 million. The park, which has an unrestricted Open A1 planning consent, has been acquired with a view to looking at future redevelopment opportunities.
Heaton Retail Park is a 43,000 sq ft scheme which is adjacent to an existing 80,000 sq ft Sainsbury's and is currently let to Wickes, DSG International PLC (trading as Dixons) and American Golf.
Terrace Hill has recently received planning permission for two supermarket development schemes with Sainsbury's at Helston in Cornwall and Bishop Auckland in County Durham. These, together with already completed retail developments at Blyth and Galashiels in the past few years, enforces the Company's growing presence as a specialist retail developer alongside its already well established reputation as an office and business space development expert.