Final Retail Units Let in Castlegate Centre

Quintain Estates & Development PLC
7 January 2000

         QUINTAIN LETS FINAL RETAIL UNITS IN CASTLEGATE CENTRE
                 TAKING TOTAL ANNUAL INCOME TO £2.45m

Quintain Estates & Development plc ('Quintain') today announces that the final
three retail units in its 300,000 sq ft Castlegate Shopping Centre in
Stockton-on-Tees have been let, taking the total annual rental income to
£2.45m.

Acquired as part of the Chesterfield Properties plc portfolio earlier this
year the Castlegate centre occupies a 6.5 acre prime town centre site and is
anchored by Woolworth, Boots and Wilkinsons as well as units occupied by
leading national multiples that include WH Smith, Dixons, Mothercare and
Dorothy Perkins. In addition there is a successful indoor market and a 120-
room four star Swallow Hotel.

The new lettings, which have added a further £208,500 a year of rental income,
have been concluded with Peacocks, which has taken a 6,250 sq ft unit on a new
15 year FRI lease at an initial annual rent of £105,000, Supergift and the
Card Warehouse. As a result the centre is now virtually fully let.

Already occupying a dominant retailing position the Castlegate centre will
also benefit through the construction of a new footbridge directly linking the
shopping centre to a £350m office and business park development on the
adjacent Teesdale site. On completion next August the shopping centre will be
readily accessible to office employees at Barclaycard, Abbey National,
Churchill Insurance and Kvaener Research Centre, together with the Stockton
campus of Durham University.

Stockton has seen a substantial regeneration in recent years with the
introduction of a wide range of leisure facilities. This includes an
impressive array of water-based activities that have been developed on part of
the Teesdale site as well as Stockton's innovative £8.5m Arc Theatre,
Recreational and Arts Centre which opened at the beginning of this year.

Adrian Wyatt, Quintain's Chief Executive, said: 'Stockton retains its
traditional market town character and is still a strong and vibrant retailing
environment. Following a £5m refurbishment, Castlegate is able to offer
quality shopping in a clean, safe and attractive environment.'

Quintain was advised in the new lettings by DTZ Debenham Thorpe.

                                 
Contact:  Quintain Estates and Development plc              Tel: [phone]
            Adrian Wyatt, Chief Executive, or Bill Raspin
          Baron Phillips Associates                         Tel: [phone]
            Baron Phillips