RNS Number:9159N
Grosvenor Land Holdings PLC
24 July 2003


                          GROSVENOR LAND HOLDINGS PLC

GROSVENOR LAND SELLS PROPERTY FOR #1.26 MILLION AND INCREASES YIELD FROM CRAWLEY
                                  ACQUISITION

Grosvenor Land Holdings Plc, the AIM listed property investment company
announces that is has sold its freehold town centre retail investment in Cheadle
for #1.26 million in cash to a private investor. The money raised will be used
to further its strategy of expanding its 'Powerhub' business centre concept and
reduce gearing levels. The Company has also successfully increased the rental
income from its recently acquired business park property in Crawley, which is
currently being re branded as a 'Powerhub'.

The sale, which comprises of two two-storey units and seven single-storey units
around a central mall, marks a continuation of Governor Land's strategy of
selling its non-core properties to increase the Company's cash reserves, which
will then be utilised to expand the Powerhub business centre concept when the
right opportunity arises.

Following the recent acquisition of the Crawley business unit for #3.7 million
in April, the Company has increased the property's rental income to #317,460 per
annum, with a further #98,000 in tender, compared to #282,000 per annum when the
purchase was completed. Tenants include Carlsberg Tetley, Independent Access and
Peter's Food Services.

Douglas Blausten, CEO of Grosvenor Land said: "This deal follows the sale of the
Avalon House property in Portsmouth for #1.815 million earlier this year and is
part of our strategy of making disposals to provide finance for the replication
of the Powerhub concept nationally. By implementing the concept, which was
successfully launched in Maidstone, we are able to increase rental yields and
attract quality tenants to our properties as highlighted by the immediate
progress we have made at Crawley.

"We are beginning to be recognised by the property community as having a concept
that is successful in the managed work space environment and are now in a strong
position to make further acquisitions to increase the number of Powerhub's that
we operate."

                                   ** ENDS **

Issued on behalf of Grosvenor Land Holdings Plc, 25 Gilbert Street, Grosvenor
Square, London W1Y 2EJ, by St Brides Media & Finance Ltd, 46 Bedford Row, London
WC1R 4LR.

Contacts:

Douglas Blausten Grosvenor Land Holdings Plc  Tel: 020 7408 2222

Hugo de Salis  St Brides Media & Finance Ltd Tel: 020 7242 4477

Notes:

   *Grosvenor Land's principal activity is investment and trading in land and
    buildings

   *Its key strategy is to expand its 'Powerhub' business centre concept.

   *The Company currently owns one Powerhub business centre in Maidstone and
    one in Crawley and is actively looking for further acquisition
    opportunities.

   *The Cheadle property comprises two two-storey units, fronting the High
    Street, and seven single-storey units around a central mall. Warwick Mall
    was built in 1983.

   *Cyril Leonard advised on the sale for the vendor while the purchaser was
    advised by Jones Lang Lassalle.









                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
DISPUUUPMUPWGUC