Re Agreement

Crest Nicholson PLC 06 October 2004 6 October 2004 ANNOUNCEMENT OF PARTNERSHIP AGREEMENT FOR £1 BILLION REGENERATION OF BATH WESTERN RIVERSIDE Crest Nicholson PLC ("Crest"), a leading developer of sustainable mixed-use communities, today announces that it has entered into a partnership agreement with Grosvenor, the international property development and investment group, for the regeneration of Bath Western Riverside. Grosvenor is the master development partner for the Bath Western Riverside Project which consists of a partnership between Bath & North East Somerset Council, Grosvenor and the South West Regional Development Agency. Bath Western Riverside involves the comprehensive regeneration of some 26 hectares of brownfield land within the heart of Bath, to the west of the City Centre adjoining the River Avon. The development is one of the largest brownfield regeneration projects in the South West, with an estimated capital development value of in excess of £1 billion. It is anticipated that it will comprise over 2,000 dwellings, 100,000m2 mixed commercial development and supporting community infrastructure. The partnership agreement between Crest and Grosvenor provides for the formation of a 50:50 joint venture within which it is anticipated that Crest will deliver the majority of the residential development and Grosvenor will develop the office, hotel and retail elements. Crest and Grosvenor will jointly promote the Western Riverside Masterplan which is expected to become the basis for a comprehensive planning application to be submitted in the spring of 2005 for the whole of the Western Riverside. It is anticipated that work will start on the site in late 2006 with a 12 year development programme. John Callcutt, Chief Executive of Crest Nicholson, said: "We are delighted to have exchanged the partnership agreement with Grosvenor and look forward to working with the existing regeneration partners in finalising the vision and delivering the residential component of this prestigious and significant project." - ENDS - Enquiries to: Kate Miller/ Robert Gardener Brunswick Group LLP Tel: 0207 404 5959 For more information see: www.crestnicholson.com and www.bathwesternriverside.com This information is provided by RNS The company news service from the London Stock Exchange
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