Exhibit 10.16


                          DATED 15 March 2002









                        NIAGARA LASALLE (UK) LIMITED



                       GEORGE WIMPEY MIDLAND LIMITED











                                 AGREEMENT

         relating to the sale and purchase of freehold property at

                             Lower Church Lane
                            Tipton West Midlands






DATED                       15 March 2002

PARTIES

1           Seller          NIAGARA LASALLE (UK) LIMITED (company no
                            3725308) whose registered office is at Victoria
                            Steel Works Bull Lane Moxley Wednesbury West
                            Midlands WS10 8RS

2           Buyer           GEORGE WIMPEY MIDLAND LIMITED (company no
                            2788679) whose registered office is at St
                            David's Court, Union Street, Wolverhampton,
                            West Midlands WV1 3JE

OPERATIVE PROVISIONS

1        Definitions and interpretation

1.1      Unless the contrary intention appears, the following definitions apply:

         Additional Land      shall mean the freehold reversion to the land
                              comprised in a lease dated 29 June 1981 and
                              made between (1) The Borough Council of
                              Sandwell and (2) The Dudley Port Rolling
                              Mills;

          Buyer               George Wimpey Midland Limited;

          Buyer's Solicitors  T.R. Jones George Wimpey UK Limited of St
                              David's Court, Union Street, Wolverhampton,
                              West Midlands, WV1 3JE;

          Completion Date     the later of the date five Working Days after
                              the date on which the Seller completes its
                              acquisition of the Property pursuant to the
                              Options and the date 5 working days after the
                              conditions is satisfied;

          Conditions          the condition specified in clause 2.1;

          Deposit             (pound)190,036;

          General Conditions  the Standard Conditions of Sale (Third Edition);

          Long Stop Date      the date 2 years from the date of this Agreement;

          Options             an option agreement dated 21 May 1999 and
                              made between (1) Glynwed Property Management
                              Limited (2) Glynwed Properties Limited (3)
                              Niagara LaSalle (UK) Limited and (4) Niagara
                              Corporation and an option agreement to be
                              entered into by the same parties each in
                              respect of part of the Property;

          Property            the freehold property known as land at Lower
                              Church Lane Tipton comprising

                              (a)  freehold land registered at HM Land
                                   Registry with Title Absolute under
                                   numbers WM347680, WM380217 and WM511318;

                              (b)  the freehold land transferred to the
                                   Seller by a transfer dated 8 February
                                   2002 made between British Waterways
                                   Board (1) and the Seller (2) subject to
                                   the incumbrances detailed therein;

          Purchase Price      (pound)3,600,000 plus Value Added Tax;

          Seller              Niagara Lasalle (UK) Limited;

          Seller's Solicitors Berwin Leighton Paisner of Adelaide House, London
                              Bridge, London, EC4R 9HA; and

          Yellow Land         the land shown coloured yellow on the plan
                              attached to this Agreement.

1.2      If any party to this Agreement comprises more than one person the
         obligations and liabilities of that party under this Agreement
         shall be joint and several obligations and liabilities.

1.3      The headings of the Clauses shall not affect the construction of
         this Agreement.

1.4      In this Agreement words importing one gender shall be construed as
         importing any other gender and any reference to a Clause or
         Schedule shall be construed as a reference to a Clause or Schedule
         of this Agreement.

2        Conditions

2.1      This Agreement is conditional upon the satisfaction of the
         Condition set out in paragraph 2 of the Schedule within the time
         limits specified in the Schedule.

2.2      Notice of Rescission

         If a notice of rescission is served pursuant to the provisions of
         the Schedule then this Contract shall immediately determine
         without prejudice to the rights and remedies of each party against
         the other in respect of any prior breach of this Contract save
         that the Deposit shall be returned as soon as reasonably
         practicable to the Buyer but without interest and the Buyer will
         procure cancellation of any registration at HM Land Registry or HM
         Land Charges Department made on behalf of the Buyer in respect of
         the Agreement.

2.3      Obligation to comply with the Schedules

         The Seller and the Buyer shall comply with their respective
         obligations set out in the Schedule to this Agreement.

2.4      Waiver of Conditions

         The Buyer may waive the Condition referred to in clause 2 at any
         time by serving written notice upon the Seller to that effect and
         the Condition shall be deemed to have been satisfied on the date
         of service of the notice.

2.5      Exercising Option Agreements

         The Seller shall exercise its right to purchase the Property
         pursuant to the Options as soon as practicable after the Condition
         is satisfied and shall keep the Buyer informed of its progress in
         doing so.

3        Sale and Purchase

3.1      Subject to clause 2 the Seller shall sell and the Buyer shall
         purchase the Property at the Purchase Price.

3.2      On the Completion Date the Seller shall also transfer to the Buyer
         such right title and interest as it has in the yellow land.

4        Deposit

4.1      On or before the date of this Agreement the Buyer shall pay the
         Deposit to the Seller's Solicitors as stakeholders in the form of
         a banker's draft telegraphic transfer or a solicitor's client
         account cheque.

4.2      If the Deposit is less than 10% of the Purchase Price the
         shortfall between the Deposit and 10% of the Purchase Price shall
         be a debt due to the Seller from the Buyer payable on the
         Completion Date and if this Agreement should be rescinded through
         no fault of the Seller the shortfall shall be payable by the Buyer
         to the Seller immediately on such rescission (without prejudice to
         any other rights or remedies of the Seller).

5        Completion

5.1      Completion of the sale and purchase of the Property and payment of
         the balance of the Purchase Price and any other sums payable under
         this Agreement shall take place on the Completion Date at the
         offices of the Seller's Solicitors or elsewhere in the UK as they
         may direct.

5.2      At completion the Seller will supply the Buyer with the original
         statutory declaration of John Passant dated 20 April 1999.

6        Capacity

         The Seller sells with full title guarantee.

7        Title

7.1      Title to the Property having been deduced in accordance with
         Section 110 of the Land Registration Act 1925 with office copy
         entries dated 21 January 2002 the Buyer shall be deemed to
         purchase with full knowledge of the matters contained or referred
         to in the title to the Property and shall not raise any objections
         or requisitions in relation to them save in respect of financial
         charges or other financial matters.

7.2      Title to the Additional Property having been deduced in accordance
         with Section 110 of the Land Registration Act 1925 with office
         copy entries dated 11 February 2002 the Buyer shall be deemed to
         purchase with full knowledge of the matters contained or referred
         to in the title to the Additional Property and shall not raise any
         objections or requisitions in relation to them save in respect of
         financial charges or other financial matters.

8        Existing Matters

8.1      The Property is sold subject to and (where appropriate) with the
         benefit of the following matters:

         8.1.1    matters contained or referred to in the registers of
                  title of title numbers WM347680, WM380217 and WM511318;

         8.1.2    the transfer dated 8 February 2002 between British
                  Waterways Board (1) and the Seller (2);

         8.1.3    the covenants and conditions contained in the conveyance
                  dated 15 August 1845 made between the persons legally and
                  beneficially entitled in the Estates of Amphlett and
                  Bedford (1) and the Company of Proprietors of the
                  Birmingham Canal Navigations (2);

         8.1.4    all other matters revealed in writing by the Seller's
                  solicitors.

8.2      The Buyer's Solicitors having been supplied with full details of
         such matters before the date of this Agreement the Buyer shall be
         deemed to purchase with full knowledge of these matters and shall
         not raise any objections or requisitions in relation to them.

8.3      The Transfer shall contain a covenant by the Buyer in the
         following form:

         "The Transferee covenants with the Transferor that it and its
         successors in title will observe and perform the stipulations
         covenants and provisions referred to in:

         (a)      the registers of title of title numbers WM347680,
                  WM380217 and WM511318;

         (b)      the obligations in the transfer dated 8 February 2002
                  between British Waterways Board (1) and the Seller (2).

         (c)      the covenants and conditions contained in the conveyance
                  dated 15 August 1845 made between the persons legally and
                  beneficially entitled in the Estates of Amphlett and
                  Bedford (1) and the Company of Proprietors of the
                  Birmingham Canal Navigations (2);

         so far as the same are subsisting and capable of being enforced
         and relate to the Property will fully and effectually indemnify
         and keep indemnified the Transferor against all actions claims and
         liability arising out of any breach non observance or non
         performance of them"

9        The General Conditions

9.1      This Agreement incorporates the General Conditions in so far as
         they are applicable to a sale by private treaty and are not varied
         by or inconsistent with the terms of this Agreement.

9.2      The incumbrances referred to in Condition 3.1.2(a) are:

         9.2.1    all local land charges whenever registered and all other
                  matters capable of registration as local land charges
                  (whether or not actually registered);

         9.2.2    all notices charges orders resolutions demands plans
                  proposals requirements restrictions agreements conditions
                  directions and other matters served or made by any local
                  authority or tribunal or other competent body prior to
                  the date of actual completion;

         9.2.3    any other matter which would or should be revealed by a
                  search and enquiries made with the local authority
                  immediately prior to the date of actual completion;

         9.2.4    all easements profits a prendre licences privileges and
                  advantages affecting the Property;

         9.2.5    all overriding interests affecting the Property;

         9.2.6    the matters referred to in Clause 8 of this Contract;

         in addition and without prejudice to the other incumbrances
         specified in Condition 3.1.2(c).

9.3      The words "and could not" are omitted from Condition 3.1.2(c).

9.4      Condition 4.3.2 is omitted.

9.5      In Condition 6.1.2 the words (If for any reason (other than the
         wilful default of the Seller) completion takes place after 1.30
         pm" are substituted for the words "If the money due on completion
         is received after 2.00 pm".

9.6      Condition 6.7(a) is omitted.

9.7      The Contract rate shall be 4% above the base rate from time to
         time of Barclays Bank Plc.

9.8      The words " or in the negotiations leading to it" are omitted from
         condition 7.1.1.

9.9      At the end of Condition 7.3.2. there shall be added the words "and
         in addition the party not in default shall without prejudice to
         any other right or remedy be entitled to be reimbursed for any
         reasonable legal fees disbursements or VAT incurred by reason of
         delayed completion".

10       The Additional Land

10.1     The Seller shall use all reasonable endeavours to negotiate to
         purchase the Additional Land from the present owner of the
         Additional Land the Borough Council of Sandwell.

10.2     In the event that the Seller has entered into a binding Agreement
         with the said Borough Council of Sandwell to purchase the
         Additional Land by a date not later than the Long Stop Date the
         Buyer shall complete the purchase of the Additional Land from the
         Seller by a date no later than 20 working days after the Long Stop
         Date upon the terms and conditions contained in this Agreement
         save that the purchase price for the Additional Land shall be:

(i)      (pound)200,000.00 plus VAT; and

(ii)     50% of the total consideration paid for the Additional Land plus
         50% of the costs incurred by the Seller in the acquisition of the
         Additional Land up to a maximum of (pound)150,000 plus VAT (for
         the avoidance of doubt so that the Buyer's contribution shall not
         exceed (pound)75,000 plus VAT).

10.3     Completion of the sale and purchase of the Additional Land shall
         take place on the date for completion specified in the Agreement
         for the sale and purchase of the Additional Land between (1)
         Borough Council of Sandwell and (2) the Seller.

10.4     The Buyer shall not enter into any negotiations with the Borough
         Council of Sandwell concerning the Additional Land without the
         prior written approval of the Seller and may not itself enter into
         any agreement to purchase the Additional Land until the Long Stop
         Date arises.

10.5     The Seller shall sell the Additional Land with Limited Title
         guarantee.

11       Condition of Property

11.1     The Buyer admits that it has inspected the Property and purchases
         it with full knowledge of its actual size and condition and shall
         take the Property as it stands.

11.2     No damage to or destruction of the Property or any part thereof
         occurring after the date of this agreement however occasioned
         shall in any way affect the obligations of the parties under this
         agreement.

         11.3.1   The Buyer acknowledges that prior to the date of this
                  agreement it has been given permission and adequate
                  opportunity to carry out its own investigation into the
                  physical condition of the Property and the extent to
                  which the Property is affected by contaminating
                  substances and has been provided with all information
                  necessary to assess the state and condition of the
                  Property and as such is deemed to purchase with full
                  knowledge thereof;

         11.3.2   the parties also agree that in the event of any statutory
                  notice being served after completion which relates to
                  contaminating substances which are present in on or under
                  the Property and which require any form of investigation,
                  monitoring or remedial action with regard to such
                  substances then as between the parties the sole
                  responsibility of complying with that notice shall rest
                  with the Buyer to the exclusion of the Seller and the
                  parties hereby covenant with each other that in the event
                  of any such statutory notice being served or any
                  enforcing authority wishing to recover such costs from
                  the parties will each as soon as reasonably practicable
                  confirm to the enforcing authority in writing that they
                  are content for this agreement to be applied by that
                  enforcing authority in determining liabilities as between
                  the parties;

         11.3.3   these agreements and covenants are made with the
                  intention that the enforcing authority serving the notice
                  or (as the case may be) seeking to recover its costs
                  shall give effect to the agreement pursuant to the draft
                  statutory guidance issued under Part 11A of the
                  Environmental Protection Act 1990 and to any final
                  guidance to the like effect and pursuant to any similar
                  guidance (whether statutory or non-statutory) issued in
                  relation to other legislation under which similar
                  responsibilities may be imposed. It is also intended that
                  in the absence of such guidance this agreement shall be
                  borne in mind by enforcing authorities under any
                  legislation under which similar responsibilities may be
                  imposed in considering how to exercise any discretion
                  available to them or how to make any relevant
                  determination.

12       Non-Assignability

         This Agreement is personal to the Buyer and may not be assigned by
         it save to a subsidiary or associated company with the prior
         written consent of the Seller (which shall not be unreasonably
         withheld or delayed but which may be withheld unless the Buyer
         enters into a deed of guarantee with the Seller in respect of the
         Buyer's obligations in this Agreement and the covenants and
         indemnities in the Transfer of the Property) and the Seller shall
         not be obliged to complete the Sale of the Property other than by
         means of a single transfer to the Buyer or such subsidiary or
         associated company.

13       Possession

         The Property is sold with vacant possession on completion.

14       Disclaimer

         The Buyer acknowledges that this Agreement has not been entered
         into wholly or partly in reliance on any statement or
         representation made by or on behalf of the Seller (other than the
         Seller's Solicitors' written replies to any written enquiries
         raised by the Buyer's Solicitors).

15       Entire Agreement

         This Agreement constitutes the entire contract between the parties
         and may only be varied or modified in writing by the parties or
         their authorised representatives specifically referring to this
         Clause and stating that this Agreement is varied in the manner
         specified.

16       Non-Merger

         This Agreement shall remain in full force and effect as to any of
         its stipulations obligations and conditions which shall not have
         been performed and which shall remain to be performed
         notwithstanding the completion of the Transfer of the Property to
         the Buyer.

17       Interest

         If the Seller is entitled to interest or any other sums in
         addition to the Purchase Price under any provision of this
         Contract the Seller will be entitled to retain the title deeds for
         the Property until payment is received in full.

18       Insolvency of Buyer

         If the Buyer enters into liquidation (other than a voluntary
         liquidation for the purpose of amalgamation or reconstruction and
         with the prior written consent of the Seller) or is made bankrupt
         or becomes the subject to an Administration Order the Seller may
         immediately by notice in writing rescind this Contract and forfeit
         the deposit.

19       Value Added Tax

         All sums of money payable by the Buyer under the terms of this
         Agreement are exclusive of any Value Added Tax properly chargeable
         thereon and the Buyer shall pay in addition to such sums the Value
         Added Tax attributable to them.

20       Notices

         The provisions of Section 196 of the Law of Property Act 1925 (as
         amended) shall apply to any notice to be given under or in
         connection with this Agreement.



                                 SCHEDULE 1
                             Planning Condition

1.1      In this Schedule the following words and expressions shall unless
         the context otherwise requires have the following meanings:-

         Code                          the Code of Measuring Practice
                                       published by the Royal Institution
                                       of Chartered Surveyors and the
                                       Incorporated Society of Valuers and
                                       Auctioneers (current edition);

         Condition                     the condition precedent set out in
                                       paragraph 2;

         Drawings                      the drawing numbered DJA February
                                       2002 002 a copy of which is annexed
                                       hereto;

         Planning Permission           the grant of the planning permission
                                       (applied for under the provisions of
                                       this Schedule) by the Local Planning
                                       Authority which would discharge the
                                       Condition;

          Planning Refusal             a refusal of planning permission
                                       applied for under the provisions of
                                       this Schedule (but not a deemed
                                       refusal arising under Section 79 of
                                       the Town & Country Planning Act
                                       1990);

          Longstop Date                15 September 2002

1.2      References to the Town & Country Planning Act 1990 include any
         statute amending consolidating or replacing it for the time being
         in force.

1.3      Words importing the singular meaning include (unless the context
         otherwise requires) the plural and vice versa.

2        The Condition is the obtaining of a detailed planning permission
         for the demolition of any existing buildings and the construction
         on the Property of 210 residences to the design shown in the
         Drawings for use as private residences.

3.1      If the Condition is not discharged in accordance with the
         provisions of this Schedule by the Longstop Date either the Seller
         or the Buyer may rescind this Agreement by giving to the other
         written notice to that effect.

3.2      The party seeking to rescind this Agreement may do so only if it
         has observed and performed the obligations on its part contained
         in this Schedule up to the date of the giving of such notice.

4.1      The Buyer will at its own expense apply to the Local Planning
         Authority for Planning Permission either before or within 2 weeks
         after the date of this Agreement and will prosecute the same with
         all reasonable speed and diligence and supply the Seller with a
         copy of its planning application forthwith on submitting the same.

4.2      The Buyer may as a result of any discussions or negotiations with
         the Local Planning Authority and if it appears requisite or
         desirable in order to obtain Planning Permission amend or withdraw
         and immediately submit a fresh application for Planning Permission
         in any such case with the prior written approval of the Seller
         which is not to be unreasonably withheld or delayed.

5.1      The Seller and the Buyer will co-operate with one another and use
         all reasonable endeavours to assist each other to discharge the
         Condition (the Buyer bearing the reasonable costs incurred by the
         Seller in doing so) but in so doing the Seller and the Buyer will
         not act independently of each other.

5.2      The Seller will support the Buyer's application for Planning
         Permission and will if so reasonably required by the Buyer enter
         into any agreements required by the Local Planning Authority as a
         pre-condition to the granting of Planning Permission provided that
         the Seller shall not be obliged to enter into any such unless:

         5.2.1    the Buyer first indemnifies the Seller against the cost
                  of entering into the same and against any liability which
                  may be incurred by the Seller as a result of entering
                  into any such;

         5.2.2    without prejudice to sub-paragraph 5.2.1 above such
                  agreement provides that the Seller will cease to be
                  liable under the terms of the such agreement after it has
                  parted with its interest in the Property;

         5.2.3    the substantive obligations contained in such agreement
                  will only be of effect if the Planning Permission to
                  which it relates is implemented.

5.3      In the event that the local planning authority require a condition
         in the planning permission or in a planning agreement providing
         for any item of planning gain other then the contribution to
         off-site public open space of not more then the (pound)176,000
         allowed for in the Buyer's viability, the parties shall endeavour
         to negotiate an adjustment to the purchase price to reflect the
         cost of complying with such a condition.

5.4      The Buyer shall use all reasonable endeavours in its negotiations
         with the Planning Authority to keep all such items of planning
         gain to a minimum.

5.5      In the event that an item of planning gain is required the Buyer
         shall use all reasonable endeavours to minimise the financial
         impact to the Seller.

5.6      At all times during its negotiations with the local planning
         authority the Buyer shall keep the Seller and Niagara Corporation
         advised of any such matters and the Seller will be entitled to
         participate in any such planning negotiations or pursue
         negotiations solely with the local planning authority should it so
         desire.

6        The Condition will be discharged upon the grant of Planning
         Permission by the Local Planning Authority.

7.1      If the Condition in this Schedule shall not have been discharged
         by the Longstop Date then the Buyer shall be treated as unable to
         discharge the Condition and this Agreement will be capable of
         rescission under paragraph 4.

8        The Buyer will supply the Seller with a copy of any planning
         decision it receives resulting from any application for Planning
         Permission (whether original amended or resubmitted) within five
         working days of the receiving the same.

9        Any notification required to be given under the provisions of this
         Schedule shall be in writing.





Signed by                    )               /s/ Anthony John Bagshawe
for and on behalf of         )               --------------------------
the Seller                   )                   Anthony John Bagshawe








Signed by                    )               /s/ John Gainham
for and on behalf of         )               ---------------------------
the Buyer                    )                   John Gainham