AGM Statement

Northacre PLC
21 September 2007



                            NORTHACRE AGM STATEMENT


Following the announcement of our results and the statements produced in our
report and accounts to February 2007, a review of our most recent activities is
as follows:


The accounts for The Park Street scheme have been finalised, as
anticipated, the company's entitlement will result in a bonus fee of £2.6m of
which £2.4m has been received and the outstanding balance now due.


At Vicarage Gate, further meetings have been held with RBK&C, the
company continues to explore a plan to transfer the existing nursing home use
elsewhere within the local community and thereby enabling our residential
proposals for the site.


At The Kensington, steady progress continues with a planning decision
due to be determined before the end of 2007. Upon the successful outcome of this
planning process, the construction of this new landmark cinema and apartment
scheme, will take place during the summer of 2008.


More recently the company has exchanged contracts to acquire a new
opportunity in another joint venture with Minerva PLC at Leinster House Hotel on
the corner of Lancaster Gate. This hotel is leased to Westminster City Council
and in the meantime we are preparing to submit planning proposals for a
residential apartment scheme in due course.


Having secured planning consent for The Lancasters the main works to
construct this flagship scheme have now commenced. London is about to witness
the exciting addition of a feature hoarding around this high profile site, which
itself will signal the launch of the first phase of marketing.


Finally, we stated in our report and accounts there were no signs of a
downturn in the global appeal for Central London prime residential property.
Since then, there has been a credit squeeze emerging from North America, which
itself is bound to cause some concerns, not least for general sentiment.
However, we remain confident that the appeal for Northacre's branded quality of
product will be maintained.



Northacre Plc                                                    020 7349 8000
John Hunter, Chief Executive
Manish Santilale, Finance Director

KBC Peel Hunt Ltd                                                020 7418 8900
Nicholas Marren
Capel Irwin





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