Restructure and board changes

Crest Nicholson PLC
4 December 2001


4 December 2001

CREST NICHOLSON PLC

New divisional structure and management changes

Crest Nicholson PLC, the residential development company, today announces a
rationalisation of its business units.

Nicholson Estates, the Group's city centre re-development business, will
transfer from the Group's residential division and merge with Crest Nicholson
Properties, its commercial property division, to form a new division based at
the head office in Weybridge and trading as Nicholson Estates.

Peter Murray, the managing director of Crest Nicholson Properties, has been
appointed as managing director of the new division.   Mr Murray joined the
Group in 1989 and was appointed to the Board of Crest Nicholson PLC in 1995.

Bruce Walker, the Manager Director of Nicholson Estates, will be leaving the
Group in due course.  We are most grateful for his contribution and wish him
every success for the future.

Commenting today John Matthews, Chairman of Crest Nicholson PLC, said:

'The merger of Nicholson Estates and Crest Nicholson Properties is very much in
keeping with our strategic focus as a large scale mixed-use urban developer.
As we have re-focused the Group the number of sites operated in central London
has reduced.  The newly merged division, Nicholson Estates, will have the
critical mass and the requisite combination of skills to undertake our
increasing portfolio of large scale mixed-use urban schemes.'

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Enquiries to:
John Callcutt, Chief Executive                  Rebecca Blackwood/Kate Miller/
Crest Nicholson PLC                             Jonathan Ayrton
Tel: [phone]                              Brunswick Group Limited
                                                Tel: [phone]
Web site:   www.crestnicholson.com