PIRI.L Regulatory News (PIRI)

14 Jul 2006 07:00

Oak Holdings plc / Epic: OAH / Index: AIM / Sector: Property Development 14 July 2006 Oak Holdings plc (`Oak' or `the Company') YES! Project in South Yorkshire Update Oak Holdings plc, the AIM listed property development and consultancy group,has been informed that the Government Office for Yorkshire and Humber hasentrusted the local planning authority of Rotherham Metropolitan BoroughCouncil (`RMBC') with responsibility for the planning application for theCompany's YES! Project, a ‚£270 million entertainment destination planned forSouth Yorkshire. Prior to this, on 11 May, members of RMBC planning board votedunanimously in favour of the project.In correspondence with the RMBC, Government Office stated that `local planningauthorities are normally best placed to make decisions relating to their areas'and that `having carefully considered the relevant planning issues raised bythis proposal, together with all the representations received, the Secretary ofState has concluded that her intervention would not be justified'.Located on a 327 acre ex-coalfield site adjoining the Rother Valley CountryPark in Rotherham, the Company hopes to develop a state-of-the-art leisure andentertainment resort. It has a number of Memorandum of Understanding's (`MOU')already in place with leading entertainment, leisure and utility operatorsincluding most recently an agreement with E.ON, the world's largestinvestor-owned power and gas company.Oak Holdings CEO Steve Lewis said: "This approval has come some months inadvance of our expectations and is a major step for us. It is very rare thatprojects of this size are not called in for government consideration and thuswe are delighted that the Government has given RMBC the power to grant the YES!project with planning permission, having already received confirmation of theirsupport earlier this year."Naturally there are still various hurdles to jump, including sourcing fundingand tennants, but we are nevertheless confident that construction at the sitecould soon be underway, bringing significantly enhanced environmental benefitsto the area. The site, as it stands now, is contaminated and the proposeddevelopment will offer a more natural habitat, allowing greater public accessthrough the expansion of jogging routes, footpaths and the cycle network."Councillor Roger Stone, leader of RMBC, said: "The YES! Project will transformthis part of South Yorkshire and bring benefits not just to Rotherham and thesub-region, but to the whole of Yorkshire & Humber. Those benefits will spreadfar beyond the project itself, into local communities and local economies - andthe local environment. Added to everything else in South Yorkshire, includingRobin Hood Airport, the project will also make this area an even greaterleisure, tourism and sporting destination for people from the UK and beyond.I'd like to thank our other three South Yorkshire councils for helping us bringYES! to this stage. Now let's get on with the job of making it real!"Adam Wilkinson, executive director of Rotherham's Economic & DevelopmentServices, and who leads for the council on the project, said: "Just wonderfulnews. The Secretary of State's decision confirms that the council and OakHoldings were right to have such faith in this project. It has taken us fouryears of working in true partnership to get to this stage, but that's arelatively short time for a one-million square foot development, the biggest ofits kind in Europe. Some people thought this was too ambitious a scheme, buttogether we're showing we can bring it to reality." -ends- ContactsSteve Lewis, CEO Oak Holdings plc Tel: 020 7493 5522Isabel Crossley St Brides Media & Finance Ltd Tel: 020 7242 4477Laura King Porterfield Public Relations Tel: 020 7647 4420Notes for editors: * AIM-listed Oak Holdings plc is a development company and property consultancy. * Its strategic focus has been on developing mixed-use, leisure-oriented projects in addition to creating an income-producing property consultancy business. * The YES! project is the company's flagship scheme. * Oak's directors have extensive experience in property development and investment and are well known professionals in the property industry. ENDOAK HOLDINGS PLC