Office letting

Derwent Valley Holdings PLC
09 April 2003


                          DERWENT VALLEY HOLDINGS PLC

                          Covent Garden Office Letting

Derwent Valley Central Limited, a subsidiary of Derwent Valley Holdings Plc 
("Derwent Valley"), the Central London property investor, has secured a  15,240
ft(2) (1,416 m(2)) office letting at Tower House, 10 Southampton Street, 
London, WC2.  The tenant, Dearle & Henderson Limited, a long established
building consultancy practice, is taking the fifth to ninth floors at a rent of
£508,200 per annum on a ten-year lease, with a rent review after five years. 
They will receive a fifteen month rent free period, with an option to break at
the end of the fifth year.  If this is exercised, the tenant will pay a six
month rent penalty.


Tower House is a 1930's building in the heart of Covent Garden, which was
extensively refurbished in 2002.  This included a new entrance, services and
interior fit-out which provided 36,500 ft(2) (3,390 m(2)) of offices, a
reconfigured 13,700 ft(2) (1,272 m(2)) retail unit and 3,000 ft(2) (279m(2)) of
new residential space.  Both the retail and residential are let.


John Burns, Managing Director of Derwent Valley, comments:


 "The rent equates to £35 per ft(2) and we are pleased to have secured this
professional tenant for our new refurbishment.  At a time when the letting
market is difficult, this letting, as well as the interest being shown in the
balance of the space, reinforces our confidence in Derwent Valley's design-led
approach to its projects."


                                                                  9th April 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]

                      This information is provided by RNS
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