GBP 100m Urban Regeneration

Crest Nicholson PLC
23 November 2004


23 November 2004

Crest Nicholson PLC
£100m Urban Regeneration Project in Camberley

Crest Nicholson PLC (Crest), the residential and mixed use development company,
is today announcing further progress in the delivery of its urban regeneration
strategy.

Crest has entered into an agreement with Surrey Heath Borough Council (SHBC),
the landowner, to redevelop a major site in Camberley town centre. Working
closely with SHBC, Crest has prepared a master plan for the scheme which
includes 218 apartments, over 900 car park spaces, a nine screen cinema, a
bowling alley, and 120,000 sq ft of new retail accommodation. The gross
development value of the scheme is approximately £100m.

SHBC resolved to grant Crest planning consent (subject to a Section 106
Agreement) earlier this month and work is expected to start on site in summer
2005, with the first phase of the scheme scheduled to open in time for Christmas
2006.

John Callcutt , Chief Executive, said:
"Having announced Crest's appointment as lead developer for the Oakgrove
Millennium Community in September and the partnership with Grosvenor for the
redevelopment of Bath Western Riverside in October, I am delighted to be able to
announce this month a further significant step forward for our urban
regeneration business.

"Our selection for the Camberley project once again demonstrates Crest's market
leading position on producing innovative designs for the creation of exciting
mixed use urban regeneration schemes".

For further information please contact:

John Callcutt, Chief Executive   Andrew Fenwick/ Kate Miller/ Robert Gardener
Peter Darby, Finance Director
Crest Nicholson Plc              Brunswick Group LLP
Tel: [phone]                Tel: [phone]

*Notes to editors:
The development will include:

   • 9 screen cinema
   • 30 lane bowling alley
   • New shops - a total of 120,000 sq ft
   • Restaurants and cafes - 26,000 sq ft
   • Heath & fitness - 22,000 sq ft
   • 163 apartments for private sale and 55 affordable units
   • 683 public car parking spaces + 218 for residents




                      This information is provided by RNS
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