PRESS RELEASE


OAK ACQUIRES KEY 27 ACRES ACCESS SITE FOR YES! PROJECT

Oak Holdings Plc (“Oak”), the AIM-listed property development and consultancy group, today announces it has completed the purchase of a key 27-acre site adjoining its groundbreaking £350m leisure, entertainment and convention project in South Yorkshire.

The land, which forms part of the northern border of the YES! Project, will provide the primary access to the development from the A57, which is less than one mile from Junction 31 of the M1.

The 27 acres site has been acquired freehold for a total consideration of £1m, of which Oak is paying £250,000 now and the remainder by 25th March 2008.

In January 2007 Oak was granted planning permission for the YES! Project on a 327-acre former coalfield site adjacent to the Rother Valley Leisure Park. Enabling and environmental protection works are expected to get underway by the end of the year.

Steve Lewis, Oak’s Chief Executive, commented: “This strategic acquisition marks another milestone on this visionary project. The site we have purchased will incorporate the project’s main entrance enabling swift access from the M1. This is a key consideration as over 50% of the UK population reside within a 2.5 hour drive time.”

Oak has signed Memoranda of Understanding with both BT and E.ON and has signed up Skanska as its construction partner for YES!

Contact:

** ENDS**

Go back to the main press release page here