Planning permission granted

RNS Number:8392L
City North Group PLC
03 June 2003

City North Group plc

City North Group plc is pleased to announce that planning permission was granted
on 27 May 2003 for its proposed office scheme at One City Road, London EC1. The
project will provide approximately 175,000 square feet gross (120,000 square
feet net) lettable space.

Michael Sherley-Dale, Group Managing Director commented, "This is the second
significant planning approval to have been achieved by the Group over recent
months. This scheme, which is close to Finsbury Square and Moorgate, was valued
at #10 million on 31 December 2002, implying a book value for prospective space
of #83 per square foot net. The market for commercial rentals remains poor, but
the Directors remain confident that value can be added to City North's assets
through such planning permissions and development. The One City Road project is
an inspiring design by the architects Sheppard Robson, and will be marketed as a
middle-priced office scheme over coming months. No building works will commence
without a pre-let in place."



Enquiries:

Michael Sherley-Dale

Managing Director

020 7932 0403


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCGGGGVRFDGFZG