LONDON (Alliance News) - Northacre PLC Wednesday said it has entered into an agreement with Vicarage Gate (1314) Ltd, a special-purpose vehicle, to be the development manager for the 13 & 14 Vicarage Gate project in London.
The residential property developer said that under the terms of the agreement it will be entitled to a fixed development management fee and a performance fee.
The company said the project is separate to the neighbouring Vicarage Gate House development, which is also managed by Northacre.
Northacre said 13 & 14 Vicarage Gate was purchased with the intent of refurbishing the building. At present, 13 Vicarage Gate and 14 Vicarage Gate are internally connected and consist of seven flats.
The company said the new scheme proposes eight residential apartments with a total area of 13,141 square feet.
Northacre shares were down 2.2% to 67.00 pence late Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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