Grant of Planning Approval

RNS Number:1726H
Property Recycling Group PLC
03 August 2006


3 August 2006

                          Property Recycling Group plc
                             ("Property Recycling")

                Planning approval granted at 38 hectare Stanton site

Property Recycling (AIM: PROP), which acquires and prepares brownfield sites for
development, announces that planning approval for the development of a 114,900
sq m distribution centre at its Stanton, Bury St. Edmunds, site has been granted
by St. Edmundsbury Council.

The 93 acre (38 hectare) site, a former World War II airfield, which, on
acquisition comprised disused runways, derelict buildings and outdated services
is subject to an option with IKEA, the global retailer.

IKEA has been granted permission to develop a distribution centre plus ancillary
offices and infrastructure including a new roundabout and access from the A143.

Commenting, Paul Rackham, chairman of Property Recycling, said: "The approval
for the development of a significant distribution centre at the Stanton site is
a major milestone for Property Recycling. We have worked hard with IKEA over the
past five years to prepare this site and achieve this approval and look forward
to continuing that relationship going forward."

                                     -Ends-

Paul Rackham, Chairman, Property Recycling Group plc            01953 717 176
Richard Sunderland/Rachel Drysdale, Tavistock Communications    020 7920 3150

Notes to Editors

Property Recycling specialises in acquiring and improving brownfield sites for
sale to developers or future end users. The Group selects sites where value can
be increased significantly through remedial works and improved planning.

The Norfolk based company operates against a backdrop of an ever increasing
national shortage of residential and commercial development land, a pressure
felt particularly in the South East and East of England. The directors believe
that the development of brownfield sites - predominately redundant industrial
sites - is more likely to gain local acceptance than that of greenfield sites.
This approach also provides the possibility of significant amenity improvements.

Property Recycling was floated on AIM in June 2005 and the Group's current
portfolio comprises five freehold sites totalling 198.8 hectares.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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