PIRI.L Regulatory News (PIRI)

31 Jan 2005 07:00

Oak Holdings PLC31 January 2005 Oak Holdings plc / Index: AIM / Epic: OAH / Sector: Property Development 31 January 2005 OAK HOLDINGS PLC SUBMITS PLANNING APPLICATION FOR £300 MILLION YORKSHIRE DEVELOPMENT AND APPOINTS INTERNATIONAL ARCHITECTS Oak Holdings plc, the AIM-listed property consultancy and development company,in association with Rotherham Metropolitan Borough Council ('RMBC'), has todaysubmitted its outline planning application for its £300-million YES! Project, amajor leisure and entertainment scheme in South Yorkshire. Furthermore, theCompany has appointed internationally renowned CZWG and Holder Mathias as thearchitects to the project. YES! will regenerate 320 acres (130 hectares) of brownfield land adjoining theRother Valley Country Park, Rotherham, close to J31 of the M1. Previously thesite was the Pithouse West coal mine and coking plant which has been disused formany years. As well as bringing tourists to the area, it is estimated theproject will create 2,700 jobs new jobs in South Yorkshire, addressing two ofthe Deputy Prime Minister's Northern Way targets, promoting tourism and leisureand tackling unemployment. CZWG and Holder Mathias, world renowned architects, have formed a joint venturefor the project known as "CZWG Holder Mathias". Piers Gough of CZWG Architectswas responsible for the acclaimed Regency Wing of the National Portrait Galleryin Trafalgar Square, London. He is also working on the Vaux Brewery developmentin Sunderland and the design of the buildings for what will be the largestsolar-powered village in Kendal Rise, West London. Peter Mathias of HolderMathias Architects was responsible for the acclaimed Centre Parc's Oasis centrein Cumbria Oak Holdings Chief Executive Steve Lewis says: "This is yet another importantmilestone in advancing the YES! project. We have the unequivocal support of thelocal authority as, while creating around 2,700 new jobs, YES! has educational,environmental and cultural merits that will significantly benefit surroundingcommunities. Although the application has been submitted later than originallyplanned, we understood the importance of appointing a number of key anchortenants to strengthen the application further, which we have accordingly done.We are now in a much stronger position having also gained significant politicaland local support which should benefit the development going forward. "Furthermore, we are delighted to appoint CZWG Holder Mathias as the projectarchitects, who have a fantastic reputation of delivering high quality projects.With their support, I believe we will be able to build what we hope will be thelargest undercover tourism and leisure development in Europe." Rotherham Economic & Development Services' Executive Director, Adam Wilkinson,leading the project for the council, said: "There's a rigorous planning processahead, but we're confident Oak can meet the criteria. Once that's complete,we'll be creating more than a development - it would be a vision of how futureleisure attractions could take shape. There are over 20 million people withineasy travelling distance, but the scheme would bring in visitors from all overthe country, even internationally, so the scope for extra tourism is huge. AddYES! to other facilities in South Yorkshire and the area would become a leadingcentre for leisure and tourism. Regeneration benefits would be massive - YES!would bring in extra spending and create jobs for people right across SouthYorkshire." YES! will feature over one million sq ft of entertainment facilities withsupporting infrastructure that includes a unique combination of a major theatrecomplex, extreme sports centre, major indoor entertainment facilities, four starresort spa and conference hotel, exhibition centre and golf range, along withrestaurants, bars, cafes and festival retailing. The new theatre, set to be thelargest outside the West End, will help bolster the area's growing reputation asa centre for the creative and cultural industries. By broadening the SouthYorkshire leisure offering, tourists from not only the UK but also abroad (usingthe new Robin Hood Airport) will be attracted to the area. Recently awarded an extension of its Preferred Developer Agreement status for afurther 12 months (to 16 May 2006), by Rotherham Metropolitan Council, Oak hasalready signed Memoranda of Understanding's with three major occupiers for YES!These include leading promoters of live entertainment in the world, ClearChannel Entertainment, The Baydrive Group which owns the TopGolf courses, andVenture Xtreme UK Ltd, the specialist sports activity company. * * ENDS * * Contacts: Steve Lewis, Chief Executive, Oak Holdings plc Tel: 020 7493 5522 Hugo de Salis, St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes for editors: • AIM-listed Oak Holdings plc is a development company and property consultancy. • Oak's strategic focus has been on developing mixed-use, leisure-oriented projects in addition to creating an income-producing property consultancy business. • Oak's directors have extensive experience in property development and investment and are well known professionals in the property industry. They include chairman, Malcolm Savage, who was previously chief executive of St Martins Property Corporation. Chief executive Stephen Lewis, has more than 30 years' experience in property and has worked for St Martins, Grosvenor Estates, Heron International, Estates & General and Planet Hollywood (Europe). St John Hartnell, OBE, the former senior partner of Hartnell Taylor Cook, was also twice UK president of the International Real Estate Federation (FIABCI) and a former High Sheriff of Bristol. This information is provided by RNS The company news service from the London Stock Exchange