Exchange of Contracts

Pathfinder Properties PLC
17 December 2003

EMBARGOED UNTIL 07.00AM, 17 DECEMBER 2003

Pathfinder Properties PLC ('Pathfinder')

Pathfinder Properties PLC ('Pathfinder') announces that the contracts have been
exchanged for the sale of 2.7 acres of its 6.5 acre site in Northgate, Newark to
a subsidiary of Westbury plc, the residential developer, for £2.45 million. The
site is currently owned by two joint venture companies, Fletcher Gate Limited
and Newark Property Development Limited, 75% owned by Pathfinder. The sale is
subject to planning for 61 residential dwellings, for which an application will
be submitted prior to Christmas. Planning consent is anticipated in the first
quarter of 2004.

Simultaneously, the Pathfinder joint venture will be submitting an application
to develop 110 apartments and 4,100 sq ft of retail space on the river front
part of the site opposite the Newark Marina.

Negotiations are also in an advanced stage for the sale of, and approval of the
planning application on, the listed buildings on the third element of the site.
These Grade II listed buildings, the former Warwick and Richardson Brewery, add
considerable character and identity to this part of Newark and will be
sensitively renovated and restored for leisure use, retail space and some
residential accommodation.

By splitting the site into three plots in this way, the Pathfinder joint
ventures will achieve a mix of uses on the site providing diversity, economic
activity and a marked upgrading of the environment. The development demonstrates
a substantial investment in the revitalisation of the Northgate area through the
rehabilitation of a brownfield site. The scheme occupies a pivotal position
between the market centre of Newark and the River Trent and will inject new life
and activity into the area and improve the urban environment.


Enquiries:

John Parry / Duncan Austin
Pathfinder Properties
Tel: [phone]

Jeremy Carey / Molly Dover
Tavistock Communications
Tel: [phone]



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