18th May 2007 07:00
Northacre PLC18 May 2007 NORTHACRE PLC AWARD OF PLANNING PERMISSION Northacre PLC is pleased to confirm that the Planning Committee of WestminsterCity Council has resolved to grant planning consent for a redesigned developmentto create 193,000 square feet of residential accommodation at 75-89 LancasterGate. The scheme will comprise 92 apartments of which 11 will be for the provision ofaffordable housing. The Council also recognised and agreed to the proposal forre-siting the affordable housing units elsewhere in the Borough subject to theirconsent. The property was acquired in Joint Venture with Minerva PLC in July 2006 for£67.2 million. Construction is expected to commence this summer, with phase 1completion due in 2010. John Hunter, Chief Executive Officer of Northacre PLC said: "This decision by Westminster City Council paves the way for the renewal ofLondon's finest terrace, fronting Hyde Park. Both Northacre and Minerva relishthe prospect of delivering this landmark residential scheme." Enquiries: Northacre PLC Tel: (020) 7349 8000John Hunter - Chief ExecutiveManish Santilale - Finance Director KBC Peel Hunt Ltd Tel: (020) 7418 8900(Nominated adviser and broker)Capel IrwinNicholas Marren This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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