20 Nov 2008 18:06
NORTHACRE PLC (the "Company")
20th November 2008
Announcement
Northacre announces today that the Royal Borough of Kensington & Chelsea has formally granted Planning and Conservation Area Consent for the re-development of The Kensington Odeon.
This prime development will comprise gated access to 100,000 sq ft. of 35 residential apartments and 5 houses together with secure underground car parking. In addition, there will be separate access a new 1000 seat, six-screen underground "state of the art" cinema.
The planning permission includes a Section 106 legal agreement of which one of the commitments requires that the developer provide 30 affordable housing units elsewhere within a specified geographical zone in The Royal Borough.
John Hunter, Chief Executive of Northacre PLC commented:
"At last we have a planning consent secured for a Northacre style Revival scheme on this landmark site. Once completed, the development will greatly enhance the appearance of the local area by providing a mix of prime residential apartments and houses as well as an all new "state of the art" cinema for the community at large."
All enquiries:
Northacre Plc
John Hunter - Chief Executive
Manish Santilale - Finance Director
Tel: +44 20 7349 8000
KBC Peel Hunt Ltd
Capel Irwin
Nicholas Marren
Tel: +44 20 7418 8900