Letting of office space

Derwent Valley Holdings PLC
03 December 2002



                          DERWENT VALLEY HOLDINGS PLC

               Office letting at 21 Grosvenor Place, London SW1


Derwent Valley Holdings plc ("Derwent Valley"), through its subsidiary, Derwent
Valley London Limited, has let the remaining 1,470 m2 (15,825 ft2) of office
space at 21 Grosvenor Place, London SW1 to Citywest Homes Limited ("Citywest"),
a company guaranteed by the City of Westminster.


Citywest is paying £741,595 per annum for a 10-year lease, with a rent review at
five years.  The tenant, which will receive a twelve-month rent-free period, has
the option to break at the end of the fifth year.  In the event of the break
being exercised Citywest will pay a six month rent penalty.


21 Grosvenor Place is a 5,200 m2 (56,000 ft2) office building, which has been
refurbished by the Derwent Valley group.  Tenants in the building include Royal
Bank of Scotland, The French Embassy and Hicks Muse Tate & Furst.


John Burns, Managing Director of Derwent Valley, comments:


"We are pleased to have completed the letting of 21 Grosvenor Place in what is a
tough letting market.   The rent achieved for the Hicks Muse letting in August
equated to £50 per ft2 whilst Citywest is paying £47.50 per  ft2 for the first
floor, and £45 per ft2 for the ground floor.   It was always expected that the
ground and first floors would achieve lower rental levels than the upper 
floors."


Jones Lang LaSalle acted for Derwent Valley and Chesterton represented the
tenant.


                                                                   3 December 02


ENQUIRIES:


Derwent Valley                                                Tel: [phone]

John Burns, Managing Director

College Hill                                                  Tel: [phone]

Gareth David                                        [e-mail]


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