17 Apr 2007 07:00
FOR IMMEDIATE RELEASE
17th April 2007
OAK ACQUIRES KEY 27 ACRES ACCESS SITE FOR YES! PROJECT
Oak Holdings Plc ("Oak"), the AIM-listed property development and consultancy group, today announces it has completed the purchase of a key 27-acre site adjoining its groundbreaking ‚£350m leisure, entertainment and convention project in South Yorkshire.
The land, which forms part of the northern border of the YES! Project, will provide the primary access to the development from the A57, which is less than one mile from Junction 31 of the M1.
The 27 acres site has been acquired freehold for a total consideration of ‚£1m, of which Oak is paying ‚£250,000 now and the remainder by 25th March 2008.
In January 2007 Oak was granted planning permission for the YES! Project on a327-acre former coalfield site adjacent to the Rother Valley Leisure Park.Enabling and environmental protection works are expected to get underway by theend of the year.Steve Lewis, Oak's Chief Executive, commented: "This strategic acquisitionmarks another milestone on this visionary project. The site we have purchasedwill incorporate the project's main entrance enabling swift access from the M1.This is a key consideration as over 50% of the UK population reside within a2.5 hour drive time."
Oak has signed Memoranda of Understanding with both BT and E.ON and has signed up Skanska as its construction partner for YES!
Ends Contact:
Oak Holdings Plc Tel: 020 7493 5522
Steve Lewis, Chief Executive
Mike Hill, Finance Director
Arbuthnot Securities Limited Tel: 020 7012 2000
Tom Griffiths
Richard Wood
Baron Phillips Associates Tel: 020 7920 3161
Baron Phillips
OAK HOLDINGS PLC