Appointment as lead developer

Crest Nicholson PLC
24 September 2004

                                                              24 September 2004

                 Appointment as lead developer for £500 million
                  Oakgrove Millennium Community Milton Keynes

Crest Nicholson PLC ("Crest") today announces that it has been appointed as lead
developer of the £500 million development of the Oakgrove Millennium Community
by project partners English Partnerships, Milton Keynes Council and the South
East England Development Agency.

The 64 hectare development will include up to 2,000 new homes, with 30 per cent
affordable housing, two new schools, a landscaped wildlife corridor, a
multi-purpose health centre, shops and a commercial centre. The site was
previously used for sand and gravel extraction, most recently landfill.

Crest Nicholson was selected after a highly competitive tender process. Under
the terms of the joint venture, Crest will be responsible as lead developer for
masterplanning the entire site and delivering approximately 1000 residential
units. The remaining half of the site will be sold in parcels to a number of
other developers.

Crest Nicholson will now prepare a detailed masterplan and submit a planning
application to Milton Keynes Council later this year. It is anticipated that
construction of the residential units will commence in two to three years time.

John Callcutt, Chief Executive at Crest Nicholson, said:

"Our selection for this significant development further demonstrates our
position as a market leader in the master planning, design and delivery of large
scale residential and mixed use developments. Creating sustainable communities
is central to our business strategy. This development will be a pioneering
example of private and public sector partners working together to build
communities which meet the needs of Britain's communities for generations to
come."

                                    --ENDS-

Enquiries to:

John Callcutt, Chief Executive
Peter Darby, Finance Director         Kate Miller/ Robert Gardener
Crest Nicholson PLC                   Brunswick Group LLP
Tel: [phone]                     Tel: [phone]





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