Developer has long-term confidence despite challenges
DEVELOPER Terrace Hill, which is driving a £30m, 500 job creating project at Middlesbrough’s Middlehaven site, today said it remains confident for the long-term despite market challenges.
The group has named the Middlehaven project as one of its “significant achievements” from the last 12 months as it reported annual results.
The firm has been appointed by Middlesbrough Council as preferred developer of the Central Gardens East scheme which includes up to 130,000sq ft of offices and a 100 bed hotel.
Today Terrace Hill said its adjusted net asset value had increased by 8% to 96.3p-per-share in the last 12 months.
It also said its development programme had a £1.3bn projected end value.
Robert Adair, chairman of Terrace Hill, today said: “Despite more difficult markets we have continued to let completed commercial developments well and add significant value through planning gains, site assembly and development.
“We have the skills and ambition for significant profitable expansion and I look forward to the opportunities presented by the current market with enthusiasm.”
Terrace Hill, which has an office at Teesdale, has already built the first office development at Middlehaven - Hudson Quay 1.
It was also responsible for the first two phases of Stockton Riverside College and many retail developments which include Portrack Lane in Stockton.
