The Kensington

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