Terrace Hill plans supermarket for Longfield Centre

TERRACE Hill Group, the London-based property developer which opened a Manchester office last year, has acquired an option to buy the Longfield Centre in Prestwich and has formed a joint venture with owner Hollins Murray Group to redevelop it.

The sum paid for the 26,500 sq ft centre has not been disclosed.
Altrincham-based Hollins Murray Group reportedly paid £4m for the shopping precinct in 2007 and announced plans to redevelop it in May 2008.

It gained outline planning consent for its redevelopment in November 2009 as part of a wider regeneration of Prestwich Village, but no work ever started on site.

Terrace Hill has said that after acquiring the option to purchase the scheme, it is now planning a “foodstore-led redevelopment” alongside HMG.

“The site currently has planning consent for a mixed-use redevelopment and the acquisition is subject to a change in the current planning, as well as Terrace Hill securing a pre-let for the foodstore element of the scheme,” the company said.

Terrace Hill’s chief executive officer Philip Leech welcomed the deal as the first one generated from its Manchester office.

He said it “further underlines our continued progress in the expansion of Terrace Hill’s foodstore development pipeline”.