Preston Planning Application

RNS Number:3496U
Warner Estate Holdings PLC
19 January 2004


                           Warner Estate Holdings PLC
                                        
       WARNER ESTATE SUBMITS PLANNING APPLICATION FOR MAJOR REDEVELOPMENT
                           OF PRESTON SHOPPING CENTRE
                                        
Warner Estate Holdings PLC ("Warner Estate"), the property investment company
has submitted a major planning application, on behalf of Agora Shopping Centres
Limited, its joint venture with Bank of Scotland, that proposes to enlarge
significantly the size of the Fishergate Shopping Centre in Preston City centre.

Warner Estate is proposing to build a 180,000 sq. ft extension to the existing
360,000 sq. ft scheme. The extension will provide space for a combination of
anchor stores and further shop units. The proposal will also increase the
existing parking provision by 300 spaces to 1,150 car-parking spaces. Existing
tenants at the scheme that was developed in 1986 include Debenhams, TK Maxx, TJ
Hughes, Littlewoods, Argos and H. Samuel.

Warner Estate manages Fishergate, on behalf of the Agora Fund, a #270 property
million fund that owns seven large shopping centres in the Northwest. The design
of the extension reflects both Agora's and Preston City planner's desire for a
landmark building. It will incorporate high specification cladding and glazing
to the elevations, prominent signage and entrance features and bright, airy
malls at both Station and Fishergate Shopping Centre Levels.

Richard Moore, Warner Estate Property Director said

" This is a major landmark for Warner Estate and the Agora fund. This proposal
is a significant investment in the future of Preston City centre.

" Preston's profile is improving considerably as a visitor destination within
the north west. There is no reason why we can not begin to compete with
Manchester and Liverpool in terms of our retail offer. By bringing more new
shops and a new department store to the shopping centre we hope to create a
gateway to the City from the adjacent railway station that the people of Preston
can be proud of, as well as give them the kind of shopping experience that all
our visitors deserve."
                                                                        
" We are very committed to working closely with local authorities to invest in a
number of initiatives that improve all of the Agora shopping centre investments.
All of the centres are well located and offer significant opportunities to
extend the retail offering and ultimately, to improve both the rental income and
the capital value of the shopping centre assets. We believe that improvements
such as the one we are proposing at Fishergate will increase the number of
visitors that the schemes attract and are an obvious investment in the city
centre."

More immediately Warner Estate has also submitted plans to install an impressive
glass and steel frontage to the Fishergate High Street entrance. This project is
expected to commence in the Spring. Jason Barnsdale, senior asset manager retail
at Warner Estate explains the reasons behind the centre's expansion:

" The investment that Agora is channelling into Fishergate Shopping Centre
reflects our belief that Preston will continue to flourish. The retail extension
will place the shopping centre at the forefront of the city's attractions and
will help to transform it into one of the most exciting shopping experiences in
the north west."

Work on the major development is expected to begin in February 2005 and will be
completed by 2006.

For further information on Fishergate Shopping Centre visit
www.fishergateshoppingcentre.co.uk

                                     -ends-

Date: 19 January 2004

For further information contact:

Warner Estate Holdings PLC                    City Profile
Philip Warner, Chairman                       Simon Courtenay
Richard Moore, Property Director              Tel: [phone]
Peter Collins, Finance Director
Tel: [phone]
Web: www.warnerestate.co.uk




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