Grosvenor Place

Derwent Valley Holdings PLC
06 August 2002



                           DERWENT VALLEY HOLDINGS PLC

               Office space let at 21 Grosvenor Place, London SW1


Derwent Valley Holdings plc ("Derwent Valley"), through its subsidiary, Derwent
Valley London Limited, has let 1,642.5 sq. m. (17,673 sq. ft.) of office space
at 21 Grosvenor Place, London SW1 to Venture Capitalists, Hicks Muse Tate &
Furst Limited ("Hicks Muse") at a rent equating to £50.00 per sq ft.

Hicks Muse is paying £890,000 per annum for a 15-year lease, with rent reviews
every fifth year and a tenant's break after ten years. The tenant will also
receive a ten-month rent-free period.

21 Grosvenor Place is a 5,200 sq. m. (56,000 sq. ft.) office building, which has
been refurbished by Derwent Valley at a cost of £5 million.  Existing tenants in
the building include Royal Bank of Scotland and The French Embassy. A total of
1,473 sq. m (15,848 sq. ft) remains available for letting.


John Burns, Managing Director of Derwent Valley, comments:



"This letting at the rent achieved, and in what is a competitive market, proves
that there is still demand from occupiers for well-designed and well-located
office accommodation in the West End."

                                                                   6 August 2002


ENQUIRIES:


Derwent Valley                                                Tel: [phone]
John Burns, Managing Director

College Hill                                                  Tel: [phone]
Gareth David                                        [e-mail]
Lisa Pearson                                        [e-mail]





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