Terrace Hill pre-sells foodstore developments

Terrace Hill has completed the delivery of two pre-let and pre-sold foodstore developments in the northeast of England.

The UK property developer-investor said the food stores are located in Sunderland and in Sedgefield and have a combined value of £51 mln (€60 mln).

A third foodstore development in Skelton is also close to completion

The Sunderland development is a £35 mln, 9,100 m2 supermarket which was pre-let to Sainsbury’s on a 25-year lease. Following completion of the store, ownership was transferred to Osprey Supermarket Income and Growth 1, a private investor fund arranged by Osprey Equity Partners, which entered into a forward-funding acquisition agreement with the group for the development in April 2012.

The Sedgefield development is a 4,600 m2 supermarket with 322 parking spaces, which was also pre-let to Sainsbury’s on a 25-year lease, and pre-sold to The Eyre Estate Investment Fund for £16.1 mln in September 2012.

Terrace Hill is also due to complete its 3,900 m2 food store development in Skelton on 10 June 2013 which has been pre-sold to Asda as owner-occupier.