Re: Letting

Benchmark Group PLC
15 January 2004

       BENCHMARK CONCLUDES 21,000 SQ FT SHAFTESBURY AVENUE OFFICE LETTING

Benchmark Group PLC, the specialist central London property investment and
development company, has let 1,943 sq m (20,912 sq ft) of recently refurbished
offices on the first floor of 125 Shaftesbury Avenue to Lloyds TSB Bank Plc ('
Lloyds TSB') for a rent of £627,360 pax equating to £30 psf.  The property is
owned in a 50/50 joint venture between Benchmark Group PLC and JER Partners ('
BJER').

Lloyds TSB has signed a ten year lease with an option to break the lease at the
end of the fifth year.  Last May, Lloyds TSB took the second floor of the
building, comprising 1,940 sq m (20,880 sq ft), so will now occupy 3,883 sq m
(41,800 sq ft) in the building.

This letting successfully completes the leasing of Phase One of 125 Shaftesbury
Avenue, comprising the first and second floors.  Phase Two of the refurbished
building was formally launched last Friday 9 January and comprises 7,430 sq. m
(79,974 sq. ft.) on the 4th - 9th floors with floor plates from 16,000 sq. ft.
at a quoting rent of £37.50 psf, which benefit from exceptional views across
London.

Nigel Kempner, Chief Executive of Benchmark said 'The West End letting market is
showing signs of increased tenant demand, and we hope that this will continue
through this year and next.  We are delighted that this letting has been
completed to Lloyds TSB.'

BJER was represented by Benchmark Direct, Nelson Bakewell and Knight Frank while
GVA Saxon Law represented Lloyds TSB Bank Plc.


For further information:

Benchmark Group PLC                                  Tavistock Communications
Nigel Kempner                                        Jeremy Carey / Molly Dover
Tel: [phone]                                   Tel: [phone]
www.benchmark-group.com                              [e-mail]
www.benchmarkdirect.com



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