Disposal

Crest Nicholson PLC
16 October 2000


Crest Nicholson PLC sells Northern portfolio to re-invest in urban concept
schemes

Crest Nicholson PLC announces the sale by Crest Homes (Northern) Limited
('Crest Northern') of £30 million of land and building work in progress to
Miller Homes, the residential division of the Miller Group.  The sum of £20
million was paid on the completion of the sale which took place on 13th
October, 2000.  The balance will be paid in January 2001.

Crest Northern, based in Harrogate, will close as soon as works on its two
remaining sites, which are nearly completed, are finished.  Arrangements
have been made to provide continuing customer care for the purchasers of its
houses in the Northern region.

In the year to 31st October, 1999, Crest Northern's turnover was £20.5
million from the sale of 243 houses. For the current year, after taking into
account the profit on the disposal of the sites to the Miller Group and
making full provision for the costs of closure, it will incur an operating
loss of around £1.0 million.

The proceeds of sale will initially be used to reduce gearing.  However, the
release of capital will enable the Group to pursue high yielding
opportunities for investment in the Group's Southern based operations.

Commenting today John Matthews, Chairman, said:

'Crest Homes' policy of creating large urban renewal concept schemes is
creating exciting opportunities for further investment.  Such opportunities
are available from the Group's strategic land holdings and from a number of
recent successes in open market land buying.  These urban renewal concept
schemes achieve higher operating margins and a greater return on capital.

This divestment will strengthen the Group's ability to achieve sustained
profit growth in markets where we have a proven track record of success.'

Enquiries:
John Callcutt/Clive Littler  Crest Nicholson PLC      01932 847272
Rebecca Blackwood/           Brunswick Group Limited  020 74045959
Kate Miller