Terrace Hill, which specialises in developing foodstores, said today that it will start construction of a new 100,000 sq ft Sainsbury's store and petrol station at Wessington Way in Sunderland. Foodstores have been a bright spot in an otherwise dark retail development scene where developers are still trying build out what they started before 2008. This is a no-risk build as the £35.25 million development is pre-let to Sainsbury’s on a 25 year lease, and is funded by the Osprey Supermarket Income and Growth Fund, which aims to return 9.5% to it's investors.
Terrace Hill is also on site nearby at Skelton, East Cleveland preparing to build a 41,000 sq ft supermarket for Asda, also with a petrol station.
TH has also sold a site to Sainsbury's at Whitchurch, Shropshire, having obtained planning consent for a 50,000 sq ft foodstore there.