NORTHACRE PLC – Results for the year

NORTHACRE PLC – Results for the year

Northacre is the brand behind many of London's landmark addresses. Over the last twenty years Northacre has revived significant areas of Westminster, Kensington and Chelsea, developing in the most sought after locations in the capital for both local and international purchasers.
 
Northacre's reputation for creating prestigious, award-winning residences from existing properties is unrivalled.
 
The Chairman's Statement read as follows:
This past year has seen the Group focus on the delivery of The Lancasters Development, in our joint venture with Minerva PLC. The Group has cemented its profile as one of London's most experienced prime residential developers through this landmark scheme, which has seen the revival of a prominent building in a hitherto undervalued area of central London. The Lancasters has transformed the north side of Hyde Park and will have a lasting impact on the area. The development, which nears completion this summer, is testament to our Group's continuing focus on quality, steadfast development management, and individuality in the conceptualisation and marketing of each development.
 
Following the completion of the first phases of The Lancasters in early 2011, we look forward to full completion in late summer 2011. At the same time we are also working to bring forward The Vicarage, a 42,000 Sq ft prime residential development in Kensington, which will see us deliver, as development managers, 14 duplex and lateral apartments. This development, led by Northacre, is due to commence in 2012.
 
We are engaged in discussions on a number of central London opportunities in which Northacre would act either as a full joint venture partner or take the role of development manager.
 
There continues to be a relative shortage in the supply of development opportunities and more entrants into the market chasing fewer sites. That said, equity investors are keen to finance prime residential developments undertaken by experienced developers such as Northacre, given the history of strong returns in the sector and the undoubted continuation of London's appeal as one of the top locations for international buyers looking for a principal or second home.
 
We have reviewed our cost base and made some efficiencies to suit the changing market conditions. I am gratified by the support and focus of the Board, management and staff within the Group and I am proud to work with one of the top teams in the sector.

Outlook
The Group's core skills are in the design, development management, branding and marketing of prime residential developments in central London. As such, they are in an unrivalled position to offer skills in an advisory capacity with limited equity participation. Looking to the future with renewed confidence and focus and they are well placed to capitalise on the product success and financial returns as they complete The Lancasters Development.

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