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Countryside Properties selected for major town centre mixed-use scheme


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22 January 2004

Ilford is part of our substantial portfolio of mixed-use projects and can be seen as another example of Countryside Properties' unique and valuable development skills which continue to create new business opportunities.

Richard Cherry, Group New Business Director.

Countryside Properties PLC ("Countryside Properties"), the specialist developer of sustainable communities, and Capital & Counties (a wholly owned subsidiary of Liberty International PLC) have been selected by Redbridge Borough Council as its development partner for the redevelopment of 2.6 hectares (6.4 acres) of Ilford Town Centre.

A major mixed-use regeneration scheme is proposed centred on a new town square immediately south of the High Road and the Town Hall. The two companies will develop the scheme in a joint venture which is projected to have a completed development value of £120 million.

Subject to planning permission, the development will comprise approximately 500 apartments including affordable housing and lifetime homes, 11,000m2 of retail and leisure amenities, 1500m2 of community and civic facilities, 300 car parking spaces and a new entrance wing to the Town Hall. Construction should start in Summer 2006 and complete by Autumn 2010.

Richard Cherry, Group New Business Director, Countryside Properties, commented:
"We are delighted to be working with Capital & Counties on this important mixed-use scheme. Together we will be creating a dynamic urban environment which will revitalise the town centre. Ilford is part of our substantial portfolio of mixed-use projects and can be seen as another example of Countryside Properties' unique and valuable development skills which continue to create new business opportunities."

Countryside Properties is today hosting presentations for analysts and investors. The main presentation will be given by David Lunts, Director of Urban Policy at the Office of the Deputy Prime Minister, who will speak on the importance of the Government's Communities Plan and the South East growth areas. Countryside Properties will confirm its strong strategic and geographic positioning in the light of changing government policy. No new material information on Countryside Properties will be disclosed.



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Information correct as at 22/01/2004