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: [phone]

For more information see: www.crestnicholson.com and
www.bathwesternriverside.com




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