PROPERTY developer Terrace Hill says that work on its latest food store development in the region will start next month.
It expects to complete the £16.1m 48,800sq ft Sainsbury's in Sedgefield in May next year. The group, which has a major presence in Stockton, is also currently working on a £13.5m 41,800sq ft food store development in Skelton, East Cleveland, for Asda which is due to be finished in March next year.
Terrace Hill updated investors on its North East interests as it announced a major scheme to build homes and a supermarket on the site of a paper bag factory in Somerset, and unveiled proposals for a supermarket on former council offices in Cornwall.
Philip Leech, chief executive of Terrace Hill, said: "The conditional acquisition of the Midsomer Norton site [Somerset] adds to our substantial portfolio of nine committed foodstore development opportunities which will deliver excellent returns for shareholders over the medium term."
The group, which is moving away from residential construction in favour of supermarket developments, slipped into the red when it reported its interim results earlier this year.
The company made a pre-tax loss of £8.4m in the six months to the end of March, compared with a £1.9m profit in the same period a year earlier, while revenues plunged to £16.37m from £50m.