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Loss-making Terrace Hill changes course
Property group Terrace Hill (THG) plans to sell residential assets after turning £17.9 million pre-tax profits into £10.4 million annual losses.
The Glasgow-based company more than doubled revenues to £68 million in the year to September and debt fell by £39.3 million to £51.4 million, while net assets slid 23 per cent to 25.4p a share.
Chairman Robert Adair says it has become clear that holding and managing residential property is too long-term for a property development and trading business such as AIM-quoted Terrace Hill and argues that the company can generate 'far higher returns' in 'carefully selected commercial developments, in particular within the foodstore sector'. The company, which is not proposing a dividend, has decided to sell its residential investments over the coming 12 to 18 months, which has involved changing their valuation basis from vacant possession to discounted investment, causing a £22.5 million reduction in overall year-end net asset value.
With £11.6 million cash at the end of September, Terrace Hill's foodstore development programme is 'growing rapidly', says Adair. He cites detailed planning permission for 194,000 sq ft of new floor space in Sunderland, Whitchurch and Skeklton, where the company has pre-letting or freehold sale agreements in place with retailers, impending planning consent for a 48,786 sq ft foodstore in Sedgefield, Co. Durham, and negotiations under way at four other sites, taking its committed programme to 652,000 sq ft, with a projected value of £240 million.
Terrace Hill is also managing two office-led mixed-use schemes in central London, at Howick Place in Victoria and Conduit Street in Mayfair. Adair says he expects 'good returns' from these projects as they reach completion over the coming year to two years, but warns that the competitive nature of the central London market makes the timing of similar deals 'uncertain'.
Floated at £2 in 1995, Terrace Hill shares now languish at 14.75p, valuing the company at £31.3 million. It could prove a longish haul back.
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