21st Sep 2007 18:27
Northacre PLC21 September 2007 NORTHACRE AGM STATEMENT Following the announcement of our results and the statements produced in ourreport and accounts to February 2007, a review of our most recent activities isas follows: The accounts for The Park Street scheme have been finalised, asanticipated, the company's entitlement will result in a bonus fee of £2.6m ofwhich £2.4m has been received and the outstanding balance now due. At Vicarage Gate, further meetings have been held with RBK&C, thecompany continues to explore a plan to transfer the existing nursing home useelsewhere within the local community and thereby enabling our residentialproposals for the site. At The Kensington, steady progress continues with a planning decisiondue to be determined before the end of 2007. Upon the successful outcome of thisplanning process, the construction of this new landmark cinema and apartmentscheme, will take place during the summer of 2008. More recently the company has exchanged contracts to acquire a newopportunity in another joint venture with Minerva PLC at Leinster House Hotel onthe corner of Lancaster Gate. This hotel is leased to Westminster City Counciland in the meantime we are preparing to submit planning proposals for aresidential apartment scheme in due course. Having secured planning consent for The Lancasters the main works toconstruct this flagship scheme have now commenced. London is about to witnessthe exciting addition of a feature hoarding around this high profile site, whichitself will signal the launch of the first phase of marketing. Finally, we stated in our report and accounts there were no signs of adownturn in the global appeal for Central London prime residential property.Since then, there has been a credit squeeze emerging from North America, whichitself is bound to cause some concerns, not least for general sentiment.However, we remain confident that the appeal for Northacre's branded quality ofproduct will be maintained. Northacre Plc 020 7349 8000John Hunter, Chief ExecutiveManish Santilale, Finance Director KBC Peel Hunt Ltd 020 7418 8900Nicholas MarrenCapel Irwin This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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