January 2006

Bournelodge acquires Romford site:

Bournelodge has exchanged contracts in an off market deal and acquired the former Eastern Electricity site on the Harold Hill Industrial Estate at Gallows Corner in Romford, comprising 4.7 acres for close to £5 million.

Bournelodge, run by former industrial agent Paul Bewers, will develop
the site in joint venture with Frogmore Property Company and plans
to build a range of industrial and business units totalling 100,000 sq ft
to be sold freehold.

This is the second joint venture between Bournelodge and Frogmore – last year the partnership acquired The Bilton Centre in Leatherhead
where planning consent is expected next month with Phase 1 providing 10 small offices units for sale freehold. The combined end value of the Romford and Leatherhead schemes is over £30 million.

Bournelodge plans further acquisitions predominantly in the industrial
and mixed use sectors and will continue to focus in the South-East.

Commenting on the latest deal, Paul Bewers said:-
"I am pleased that the business has already achieved its initial
objectives in less than two years and look forward to delivering the projects currently underway - Paul White and his team at Frogmore
have been very supportive and we can now build on this success
and look for larger and more challenging opportunities."