RNS NO 7289T
FIVE OAKS INVESTMENTS PLC
1 JULY 1997 

                 FIVE OAKS GAINS PLANNING CONSENT FOR
               54,000 sq ft JERMYN STREET REDEVELOPMENT


Five Oaks Investments PLC today announces that it has been granted 
planning consent for a proposed redevelopment of the company's 
headquarters building in Jermyn Street, St James's to provide 
approximately 54,000 sq ft of new space.

The company has been given the go-ahead for a mixed use development that 
is expected to ultimately provide about 37,000 sq ft of office space, 
around 13,000 sq ft of leisure and banking accommodation and a further 
4,100 sq ft of residential comprising six apartments, which will be 
created from a new penthouse floor.

Five Oaks acquired the 51,000 sq ft building from P & O Properties in 
March 1996 at a cost of #8m. Apart from the space occupied by the company 
itself other tenants of 130 Jermyn Street include the Royal Bank of 
Scotland and Rank Theatres. At the time of the acquisition the building 
generated annual rental income of just under #830,000.

Commented John Watkins, Five Oaks Managing Director: "We are extremely 
pleased to have secured planning consent for the redevelopment of this 
prominent building as we believe there is considerable value to be 
extracted from the block. The proposed scheme fits neatly into our 
strategy of focusing part of our activities in West End offices where 
demand from investors and tenants alike is currently strong."

It is hoped that work on the scheme, which has an end investment value 
of around #20m, can get underway early next year.

The company also announces that it has now submitted plans for the 
redevelopment of 16 Berkeley Street, W1 which it acquired a year ago 
in joint venture with PDFM for #6.2m. Five Oaks wants to create a new 
30,000 sq ft net office building on the site together with a further 
9,000 sq ft on the ground and lower ground floors suitable for restaurant 
or retail use.


CONTACT:     John Watkins or Tim Walter
             Five Oaks Investments PLC     Tel: 0171-925 2393
             Baron Phillips
             Baron Phillips Associates     Tel: 0171-224 1302



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