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Mixed fortunes at Terrace Hill

ROBERT Adair has hailed the progress of Terrace Hill, the property investment company he chairs, in its reinvention into a food store, leisure and student accommodation specialist.

Pre-tax profit at slimmed-down Terrace Hill, whose registered office is in Edinburgh, fell to £5.6 million in the 12 months to September 30 from £7.5m the previous year, but net debt was reduced by 62.9% to £17.5m.

Mr Adair, who made his fortune in the oil industry, has overseen the sale of virtually all its residential properties while investing in commercial schemes.

He said: "During 2013 we have achieved significant success in delivering against our strategy, making excellent progress with our development pipeline, while at the same time positioning the group strongly for the future by reducing debt and gearing levels and disposing of almost all of our residential assets.

"In an increasingly positive economic environment, we look forward with confidence and growing optimism."

Terrace Hill, which has an office in Glasgow, has signed a conditional contract with Glasgow City Council to develop a 35,000 square foot scheme with four restaurants at Broomielaw, on the river Clyde.

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