Planning Approval

Pathfinder Properties PLC
14 March 2001



PATHFINDER COMPANIES OBTAIN PLANNING CONSENT FOR MERCHANT VILLAGE

14th March 2001


Merchant Village, Glasgow, the landmark city development by Pathfinder
(Scotland) Ltd has been granted detailed planning consent for a 770,000 sq ft
(71,600 sq. metres) mixed use residential, retail, and leisure development.
The development, which will transform the Merchant City and save some of
Glasgow's significant buildings from neglect is centred around the former
Goldbergs department store building in Glasgow's Merchant City.

Pathfinder (Scotland) Ltd is a joint venture between AIM listed Pathfinder
Properties PLC, and OFEX traded Pathfinder Recovery 1 PLC, Pathfinder Recovery
2 PLC, and the Pathfinder Developer EIS companies.

The proposed scheme includes: 343 1 - 3 bedroom apartments and penthouses,
244,000 sq ft (22,680 sq. metres) of top quality retail, restaurant, bars,
clubs and health club and offices together with residential car parking.

Designed by architects Conran and Partners Ltd the development will bring top
quality retailing with loft and warehouse apartments, restaurants, bars, clubs
and health club facilities to this historic part of the Merchant City.

Start on site will be in late 2001 and it is anticipated that construction
will be completed within three years. The project is now with Historic
Scotland pending approval of listed building consent.


Further Information:
Andrew Marshall
Marshall Robinson Roe
Tel: [phone]