Business
Property Portfolio
Property Portfolio.
About this update from Harworth Group Plc
[{"type":"text","content":"\n UK Coal PLC\n06 November 2006\n\n6 November 2006\n\n\n\n UK COAL PLC\n\n\n\n Property Portfolio\n\n\n\nAs already announced, UK COAL PLC will be hosting a presentation to investors\nand analysts tomorrow, 7 November, that will focus on the value and development\npotential of its land and property interests.\n\n\n\nThe event will be hosted by Gerry Spindler, Group Chief Executive, and Chris\nMawe, Group Finance Director, and will introduce Jon Lloyd, Group Property\nDirector and CEO of its property business, Harworth Estates, who joined the\nGroup in July this year.\n\n\n\nThe Group owns one of the largest brownfield development portfolios in the UK\nwith substantial land and property interests covering 49,500 acres. The\npresentation will provide an overview of the current scale and nature of the\nestate. Management will present its estimate of the future potential of the\nGroup's priority projects, which include:\n\n\n\n• opportunity for the development of sites for over 14,000 homes\n\n• opportunity for the development of 25m square feet of business park\n space\n\n\n\nManagement estimates for the value of these priority projects, once appropriate\nconsents have been obtained and after allowing for estimated costs relating to\nsite reclamation and preparation amounts to, in aggregate, in excess of £800\nmillion over the next six years*.\n\n\n\nIn addition, the presentation will include a indication of the RICS valuation\nanticipated as at 31 December 2006 (pre-sales) of the Group's property interests\nof approximately £310m (2005 £274m).\n\n\n\nThe presentation slides will be available on the Group's website www.ukcoal.com\nfrom 7 November.\n\n\n\n* This estimate makes no allowance for the impact of inflation or the time\nvalue of money.\n\n\n\n\n\nChief Executive Gerry Spindler said:\n\n\n\n'In our half year statement, and on 13 October when we announced the full update\nwe would give at tomorrow's presentation, we pointed to the significant future\nprospects for our property portfolio under the direction of Jon Lloyd who joined\nus in July this year as our new Property Director. Tomorrow we will be\nquantifying the scope we see for creating value from our property interests over\nthe relatively near term. Given the nature of the portfolio the formal annual\nvaluations do not yet adequately reflect the potential imp...