Planning permission granted

RNS Number:0540J
City North Group PLC
21 March 2003

City North Group plc

City North Group plc is pleased to announce that planning permission was granted
on 19th March 2003 for its proposed office and leisure/retail scheme at 43-61
Prescot Street, London E1. The permission is subject to further negotiations on
Section 106 in connection with planning gain. The project will provide
approximately 250,000 square feet gross (180,000 square feet net) lettable
space.

Michael Sherley-Dale, Group Managing Director commented, "It is pleasing to
achieve a significant growth in City North's development stock after many months
of preparation. This scheme, which is 600 metres from the Tower of London,
represents an increase of around 80,000 square feet gross over a previous
permission granted in 1996. The site was valued on 31st December 2002 at #9
million, implying a book value for prospective space of #50 per square foot net.
Although the market for commercial rentals remains weak, the Directors are
confident of increasing the value of City North's assets through such planning
permissions and development. The Prescot Street project is an innovative and
exciting design by the architects EPR, and will be marketed as a low cost
commercial office site over coming months. No building works will commence
without a pre-let in place."


Enquiries:

Michael Sherley-Dale

Managing Director

020 7932 0403


Ends


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