Office letting

Derwent Valley Holdings PLC
02 June 2003




                          DERWENT VALLEY HOLDINGS PLC

                         Google moves to The Courtyard



Derwent Valley Holdings plc ("Derwent Valley"), though its subsidiary, Derwent
Valley Central Limited, has let 1,356 m(2) (14,596 sq ft) of The Courtyard,
Charing Cross Road, WC2 to Google UK Limited ("Google").



Google, the company that runs the internet search engine, is paying £510,860 per
annum for a ten year lease with an upwards only rent review at the fifth year.
The tenant will receive a nine month rent-free period, as well as a capital
contribution equating to nine months' rent. The tenant has an option to break
the lease at the end of the fifth year but if this is exercised, a six month
rent penalty will be payable.



The Courtyard, located adjacent to Soho Square, is a recently refurbished office
and retail scheme of 3,166m(2) (34,075 sq ft), which includes a new penthouse
office floor.  Following the letting to Google and the earlier letting of the
803m(2) (8,640 sq ft) of retail space, two floors of offices, totalling 1,007m
(2)  (10,840 sq ft) are still available.



John Burns, Managing Director of Derwent Valley comments:



"We are pleased to have completed this transaction which follows the recent
letting of 1,416 m(2) at our Tower House refurbishment in Covent Garden.  Both
obtained headline rents of £35 per sq. ft.  In a tough letting market this
demonstrates that quality refurbishments in good West End locations still
generate occupational interest.  Rental income from  refurbished space let  this
year totals £1.88m ".



                                                                   2nd June 2003







ENQUIRIES:



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



College Hill                               Tel: [phone]
Gareth David                               email: [e-mail]
Matthew Gregorowski                  email: [e-mail]





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