Appointment as developer

Crest Nicholson PLC
28 February 2005


                                                                28 February 2005

Crest Nicholson PLC
£100m regeneration project in Penarth

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 been selected by the Vale of Glamorgan Council as the developer,
subject to contract, for the Penarth Heights project. This 16 acre site on the
north edge of Penarth overlooks Penarth Marina, Cardiff Bay and the Bristol
Channel. The project is expected to consist of about 440 residential units.
Provided that good progress is made in finalising the master plan, work on site
could commence in 2006. The gross development value of the scheme is
approximately £100m.

Crest was selected for its strong track record in delivering high quality
sustainable residential developments and for its master planning capabilities.

John Callcutt, Chief Executive, said:

"We are delighted to have been selected as the preferred developer for this
landmark site. Having been involved in the development of Penarth Marina, it is
good to be partnering with the Vale of Glamorgan Council again on the next stage
of the region's development."

"Having announced Crest's appointment as lead developer for the Oakgrove
Millennium Community in Milton Keynes in September, the partnership with
Grosvenor for the redevelopment of Bath Western Riverside in October and the
redevelopment of Camberley town centre in November, our selection for the
Penarth Heights project demonstrates once again Crest's leading position in
major regeneration projects."

For further information please contact:

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




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