Disposal

Derwent Valley Holdings PLC
01 March 2004





                          DERWENT VALLEY HOLDINGS PLC



                       Sale of Harcourt House, London W1



Derwent Valley Holdings plc ("Derwent Valley"), the specialist Central London
property investment and refurbishment group, has sold the freehold, 5,550m2
(59,750 sq ft), mixed use building, Harcourt House, 19/19a Cavendish Square,
London, W1 to clients of LaSalle Investment Management for £28.3 million. The
sale produces a small surplus over the 31st December, 2003 year end valuation
and reflects a net yield of 6.3%.



The property, which was acquired in 1998 for £14.5 million, comprises two
inter-connecting buildings divided into suites, and provides 3,260m2 (35,075 sq
ft) of offices, 1,700m2 (18,285 sq ft) of medical use and 590m2 (6,390sq ft) of
residential accommodation. It is occupied by 24 tenants on leases of varying
lengths producing a current income of £1.9 million.



John Burns, Managing Director of Derwent Valley, comments:



"The sale of Harcourt House continues our policy of selling those properties
where we have completed our asset management programme."











                                                                  1st March 2004








ENQUIRIES:

Derwent Valley Holdings plc                                   Tel: [phone]
John Burns, Managing Director





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