Caledonian Tst. Regulatory News (CNN)

26 Apr 2006 07:01

Caledonian Trust PLC26 April 2006 For immediate release 26 April 2006 Caledonian Trust plc ("Caledonian Trust or the "Group") Planning consent granted for central Glasgow development Caledonian Trust, the AIM-listed property group, is pleased to announce that ithas, through its wholly-owned subsidiary Melville Management Limited, securedplanning consent from the Glasgow Planning Council Department for apredominately residential development in central Glasgow. The development is on the Glasgow city block in Tradeston which is bounded byWest Street, Morrison Street, Paterson Street and Wallace Street, and willcomprise approximately 12,000ft(2) of gross office and retail floor spacetogether with 191 two and three bedroom residential units. Based on the planningconsent given, the gross development value is anticipated to be approximately£32 million. The planning consent is subject to the fulfilment of certainconditions by Melville Management Limited. Douglas Lowe, Chairman and Chief Executive said: "We are delighted to have hadour application for planning consent accepted for what we believe to be a highquality development in a dynamic area of Glasgow. The project is part of ourstated strategy of acquiring properties with potential development value andsubsequently obtaining beneficial consents". For further information please contact: Mike Baynham, Finance Director Tel: 0131 220 0416 Alasdair Robinson/Nick Athanas, Noble & Company Limited Tel: 0131 225 9677 This information is provided by RNS The company news service from the London Stock Exchange