Planning Permission

Northacre PLC
18 May 2007



NORTHACRE PLC


AWARD OF PLANNING PERMISSION


Northacre PLC is pleased to confirm that the Planning Committee of Westminster
City Council has resolved to grant planning consent for a redesigned development
to create 193,000 square feet of residential accommodation at 75-89 Lancaster
Gate.

The scheme will comprise 92 apartments of which 11 will be for the provision of
affordable housing. The Council also recognised and agreed to the proposal for
re-siting the affordable housing units elsewhere in the Borough subject to their
consent.

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 1
completion due in 2010.

John Hunter, Chief Executive Officer of Northacre PLC said:

'This decision by Westminster City Council paves the way for the renewal of
London's finest terrace, fronting Hyde Park. Both Northacre and Minerva relish
the prospect of delivering this landmark residential scheme.'


Enquiries:

Northacre PLC                                      Tel: [phone]
John Hunter - Chief Executive
Manish Santilale - Finance Director

KBC Peel Hunt Ltd                                  Tel: [phone]
(Nominated adviser and broker)
Capel Irwin
Nicholas Marren





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