Reaffirming the fact that investors in carefully selected, blue-chip UK commercial properties are assured of lucrative and sound returns, a prime retail building in the UK's fourth largest city, Sheffield, has yielded investors a bonus return of 30 percent on their investment, over and above their projected returns of 85 percent over five years.

This exceptional added value has been achieved through the initiative of Athanor/Pam Golding Commercial, a South African based JV which specialises in offshore commercial property investments.

Comments Eric Mounier, who heads up the company: "In a move which illustrates our stated objective of active management and adding value, and following diligent research and a planning and approval process which took some 18 months, we secured the rights to convert the top three stories of the Sheffield building at 26-28 High Street from office space to prime, luxury residential apartments. The building has just one high calibre tenant, Alliance & Leicester, one of the UK's major financial institutions and a FTSE 100 company. The conversion is a win-win deal as the tenant no longer has the maintenance obligations for these three floors, which they did not use or need, while our investors enjoy a sizeable bonus over and above their projected returns.

"This conversion to residential is in keeping with the policy of the Sheffield authorities to encourage the conversion of inner city office space into residential, and which is having a positive effect on retail rental levels. This is a global trend which can be seen in Cape Town, where the positive spin-offs for the city are already becoming evident.

"Of further benefit to investors is the fact that we recently had the building valued, and the capital value has increased by seven percent in 18 months, which places it well on track to achieve the projected returns. Due to the geared aspect of the building, this enhances the investors' return well above seven percent per annum," adds Mounier.

Sheffield is currently experiencing a shortage of space, with a strong demand from retailers to open stores in the city centre, where recent retail leases of over GBP200 per square foot are being achieved. This illustrates the excellent potential for sound increases at the forthcoming rent review in 2005 for 26-28 High Street, where the lease is currently pegged at GBP135 per square foot.

Sheffield, officially declared the safest city in the UK, is also England's greenest city with 150 woodlands and 50 public parks. Fargate, the pedestrianised shopping precinct within which the Alliance & Leicester building is located, was recently ranked 16th in a survey of Britain's top shopping venues. The GBP400 million 'Retail Quarter', adjacent to Fargate and reportedly one of the most comprehensive city centre regeneration programmes in Europe, is scheduled for completion in 2007, and is forecast to further impact positively on Sheffield.

Adds Peter Golding, CE of Pam Golding Commercial: "Investors have been and still are turning towards higher yielding investments such as prime UK commercial property, such as those that we as we structure for maximum return and minimum risk, with steady rental returns coupled with capital preservation and enhancement. For investors the cream on the top is the added value we are able to provide. Through another prime commercial property offering, The Lyceum in Colchester, Essex, investors recently received a 20 percent bonus return on investment, again over and above their projected returns of 16 percent per annum, over five years and after UK income tax."

The company's most recent investment, a property in mid-Kent Business Park in England tenanted by Palmer & Harvey, sold out at a total investment of

GBP7 million. A further prime commercial investment opportunity in the UK will soon be launched.

For further information contact Athanor/Pam Golding Commercial on 021 4177888.

Ends

Issued by Gaye de Villiers

Tel: 021 6837788 or 083 325 1939

On behalf of Pam Golding Commercial.