Terrace Hill Group, a UK property development and investment group, made an adjusted pre-tax profit before property provisions of GBP2.6m for the year to 31 October 2009, up from GBP1m the previous year.

The company’s triple net asset value per share was 40.8p at 31 October 2009, compared with the 30 April 2009 figure of 40.4p and the 31 October 2008 figure of 53.4p.

The adjusted diluted net asset value per share was 44.6p, compared with 44.4p at 30 April 2009 and 58.0p at 31 October 2008.

The company has had GBP335.6m of debt refinanced since October 2008.

During the year Terrace Hill completed or contracted sales of GBP56.1m, contracted lettings with an annual rent roll of GBP3.6m and completed lettings and sales of 293,275 square feet.

It also entered into a forward funding and sale agreement of Sainsbury’s foodstore in Bishop Auckland and completed the sale of the Helston site to Sainsbury’s.

Planning consent was gained for 135,000 square feet of offices and 33 apartments in Howick Place, Victoria, SW1.

Robert Adair (pictured), chairman of Terrace Hill, says: “We were very encouraged to see some stability and positive sentiment returning to the market in the second half of the year and, more so, by the fact that this has continued into 2010. We took advantage of this renewed confidence through the sale of Kean House and the forward funding and sale of our Bishop Auckland Sainsbury’s development. This trend can be clearly seen by comparing the first half results, which show the impact of the recessionary economic environment at the time, with a more positive second half, during which yields began to harden and we were able to make a small pre-tax profit. We successfully refinanced around GBP335m of debt since 31 October 2008, and have noticed a definite increase in appetite for lending from the banks, even for development.”