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TWST: Can you begin with a brief overview and historical sketch of Northacre (London: NTA.L)?

Mr. Hunter: The Company was actually started in 1989 by the two funding partners, that's myself and Klas Nilsson and that represents a combination of my skills in identifying opportunities, the marketing and the presentation of our product, and Klas' skills as an architect in the design of prime residential property in Central London. Our niche sector is restricted entirely to the areas of Kensington, Chelsea, Knightsbridge and Mayfair.

TWST: Who would you identify as your major competitors within the space?

Mr. Hunter: First, I would say that our unique selling point is that the combination of architecture, development and interior design is something which is exclusive to this particular operation. There are none of our competitors who provide that diversity in one group. There are other developers who are producing a product of a similar kind in our sector and they fall into the group of larger institutions, for example Taylor Woodrow, Hutchison Whampoa, which is a Hong Kong based company. I suppose the likes of St. James in the Berkeley Group and maybe one or two others. The Grosvenor Estate also have a development arm, who are active in the same sector.

TWST: What do you believe gives you the leading edge over these other players?

Mr. Hunter: We are the only company of its kind that has a brand which is associated entirely with this sector. So if you were to ask or inquire about the Northacre name, it is immediately commensurate of a company that is specialist in this particular sector and that's why we don't operate elsewhere. Our brand is associated only with the highest quality residential schemes in Central London. That brand is now adding value to our product. It is difficult to quantify, but certainly a premium is added to the value, which is something that is not entirely down to the brand, but is largely creditable to it.

TWST: What can you highlight that is on the company's agenda for the next 12 to 24 months?

Mr. Hunter: We are endeavoring to secure new opportunities. The sales on our current schemes, or on our working progress, are continuing to go well. On the developments we aim to secure 100% pre-sales before completion of our building works and with the work in progress as things are, we would like to try and secure a good solid pipeline of new developments coming through before 2004 and 2005. There is another angle that we are very keen to develop here in Central London and that is the business of serviced departments or apartment hotels. There is no doubt that London is desperately short of good overnight residential accommodation for short-stay customers, filling the gap between hotels and the serviced apartments. In that respect we are actively looking for opportunities to acquire the right sites for creating a purpose built product of high quality short-stay apartments.

TWST: What is the essential message about the company you would like to communicate to potential investors?

Mr. Hunter: The performance of the developments that the company has been involved in, are a sure sign of where the company is going. The land bank of working progress is also a very good indicator of how the company is likely to grow and perform in the medium-term. However, if it's short-term investment and returns the investor is looking for, we are not the right vehicle. It is very much a medium to long term investment and more than that I can't tell you, but the developments we are involved in have a three to four year pipeline time. It takes a while to deliver them and it equally takes a while to finalize the accounts for the profits to be realized, but with the greater participation that we are now having in these schemes, there must surely be, certainly in my very frank view, a very good prospect for the future.