Planning Consent

Hammerson PLC
24 June 2003



Hammerson Secures Planning Consent for Retail Warehouse Park



Hammerson plc has received planning consent from Merthyr Tydfil County Borough
Council for a 25,000 m(2) (270,000 ft(2)) retail warehouse park on the outskirts
of Merthyr Tydfil. The scheme will occupy a site of 22 acres, fronting the A470,
which links directly to the M4 and Cardiff. There will be nine major units
(including a health club), three catering outlets and 1,000 car parking spaces.



Hammerson obtained a contract to purchase the site as part of its acquisition of
Grantchester Holdings PLC in September 2002. Following the grant of planning
consent, Hammerson will exercise its option to purchase the site from the Welsh
Development Agency.



It is anticipated that construction of the scheme, which has been designed by
Powell Dobson, will begin in Autumn this year with completion in September 2004.
The total development costs are estimated to be £34 million.



There is substantial interest in the scheme, with heads of terms agreed with B&Q
Warehouse, JJB Sports, Matalan, Comet, Currys, Brantano, McDonalds and Pizza
Hut.



John Bywater, Managing Director of Hammerson UK, commented:



'The acquisition of Grantchester at the end of 2002 gave us immediate critical
mass in the retail warehouse sector. Not only did we acquire an income producing
portfolio of 200,000 m(2), but we also have the potential to create a further
100,000 m(2) of space from developments.



Merthyr Tydfil is the first of these major developments. The very healthy
interest from retailers is particularly encouraging and underlines the potential
of the retail warehouse sector.



Following the successful integration of Grantchester, we are pursuing several
other development opportunities within the retail warehouse portfolio.'



Letting agent for the scheme is EJ Hales.





For further information:



John Bywater                         Tel:  [phone]
Managing Director, UK




David Atkins                         Tel:  [phone]
Director, Retail Parks



Christopher Smith                     Tel: [phone]
Director of Corporate Affairs     [e-mail]


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