Disposal

NORTHACRE PLC
16 July 1999
                                   Northacre Plc

Disposal of Property

The  Company  is pleased to announce that it has exchanged contracts  for  the
sale  of  its freehold property at 34 Harrington Gardens, London, SW7,  for  a
cash  consideration,  payable  on completion,  of  £1,575,000.  Completion  is
expected to take place on 20 August 1999.

The  Circular  to shareholders dated 30 April 1999 stated that  34  Harrington
Gardens  was  for sale in the open market. The book value of the  property  is
approximately   £1.5  million  and  gross  annual  rentals  are  approximately
£150,000. The net proceeds of the disposal will be used to further Northacre's
development in prime residential property schemes.