Terrace Hill, the AIM-listed developer and investor, today announced that it had bought a large office development site in Bracknell.

It has bought a 7.9-acre (3.2 ha) site on Western Road from Wharf Land Investments for £26.5m. The Two Orchards site has detailed planning consent for 260,000 sq ft (24,150 sq m) of offices in three buildings.

The phased development has an end value of around £120m and is scheduled for completion in 2009.

The company said: ‘The completed office buildings will be delivered into an increasingly vibrant Thames Valley market at a time when there will be a shortage of good quality new office space coupled with buoyant demand’.

Additionally, within its development fund, Terrace Hill has begun the development of three office buildings, totalling 35,000 sq ft (3,250 sq m), at the Teesdale Business Park at Teesside. HBOS has already pre-let part of one of the buildings at the £10m scheme.

‘We continue to add to our commercial development portfolio in our preferred locations following strong occupier demand,’ said managing director Philip Leech.