Statement re planning consent

Pathfinder Properties PLC
15 July 2002

15 July 2002





PATHFINDER PROPERTIES PLC ('PROPERTIES' OR 'THE COMPANY')



PROPOSED DEVELOPMENT FOR PHASE 2 AT THE RIVER QUARTER (FORMERLY RIVER QUAY),
CASTLEFIELD, MANCHESTER



The Company is pleased to announce that Manchester City Council has given
planning consent in respect of the second phase of The River Quarter development
at Castlefield, Manchester. This development comprises a new build mixed use
scheme on a 3.28 acre site in the Knott Mill area of Manchester. The Phase 2
planning consent is for 191 residential apartments comprising 135,000 sq ft of
internal residential space, 19,500 sq ft of commercial space (retail and
extension to Phase 1 health club) and 191 car park spaces.



Planning consent for Phase 1 of the development, which comprises 199 residential
apartments, together with retail, A3 and health club space, was received last
year.



Properties has a 65% interest in The River Quarter development through
Pathfinder (River Quay) Limited. This interest is to increase to 80% following
the conclusion of discussions between Pathfinder Recovery 1 PLC, a 95%
subsidiary of Properties, and Pathfinder Recovery 2 PLC, as announced on 30 May
2002.





Enquiries:

Malcolm Bacchus, Pathfinder Properties PLC [phone]

Robert Lo, Nabarro Wells & Co. Limited [phone]

Andrew Marshall, Marshall Robinson Roe [phone]



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