AGM Statement

Northacre PLC
1 September 2000


NORTHACRE PLC
('Northacre or 'the Company')

AGM Statement

At the AGM held today, where all resolutions were passed, John
Hunter, Chief Executive, made the following statement:

'1999 was a significant year in the progress of the company,
culminating in the announcement of our first year's profit.  Our
three core businesses - residential development, architectural design
and interior design all achieved strong growth and are key to our
forward strategy.

The finished developments at The Bromptons and Earls Terrace have
crucially promoted Northacre as a premier quality brand generating
profits from the business of residential property development.

Since the preliminary results announcement on 4 August, there remain
two houses for sale at Earls Terrace.  We anticipate these sales and
the resulting profits from the scheme will be secured and recognised
in the current financial year.

We believe that the developments at KINGS Chelsea and The Phillimores
represent exciting opportunities for earning development fees and
most importantly, a substantial profit share over the next three
years.  Of the 288 units at KINGS Chelsea we are pleased to report
171 agreed sales.

Our strategy for growth is to continue to seek and acquire equity
interest in residential schemes.  To this end we are currently
exploring the acquisition of further residential development sites
off market within prime central London.

The proposed acquisition of South Audley Street, Mayfair, provides
Northacre another landmark opportunity in a prime Mayfair location.
We believe there exists a realistic prospect of an uplift in value
from securing planning consent for a residential scheme of a kind
similar to The Bromptons.

Market conditions remain favourable. I believe that Northacre has
exciting opportunities to realise significant income and profits, and
therefore deliver above average returns to our shareholders, in 2000
and beyond'.


Enquiries:

Northacre PLC                      Tel: [phone]
John Hunter, Chief Executive

College Hill                       Tel: [phone]
Kate Pope