RNS Number:0542O
Grosvenor Land Holdings PLC
28 July 2003



                          Grosvenor Land Holdings Plc

                         ("Grosvenor" or "the Company")

               GROSVENOR LAND MAKES #1 MILLION PROPERTY DISPOSAL

                       TO FUND POWERHUB CENTRE EXPANSION

Grosvenor Land, the AIM listed property investment company announces that it has
agreed the sale of its freehold property in Whitstable, Kent for #1 million in
cash to a private investor. The funds raised will be used to finance its key
strategy of expanding its successful Powerhub business centre concept.

Since the beginning of the calendar year, Grosvenor has sold three properties,
including the property in Whitstable, for over #4 million cash, which it is
utilising to develop its Powerhub business centre concept. It recently purchased
a 143,000 sq ft property in Crawley where yields have been subsequently
improved, to add to its flagship Maidstone Powerhub. The Company is currently in
advanced discussions to purchase a further property in the North of England,
which it aims to develop into a third Powerhub.

Douglas Blausten, CEO of Grosvenor Land said: "We are very excited about the
Powerhub concept. Due to its success, we have implemented a disposal programme
of our non-core assets to fund the expansion. We have increased yields in both
the Maidstone and Crawley centres, and believe we have developed a concept that
will create good value for the Company and reward our shareholders going
forward."

Powerhub business centres offer workshops, studios, fully equipped offices and
showrooms of varying unit size with on-site parking, good public transport
links, storage space, security services as well as flexible lease terms.

Given that Governor Land Holdings Plc's year-end is 25th March 2003, the
recently reported sales are classified as post balance sheet events and will
appear in the half-year results for the period ending 25th September 2003. The
Company expects to announce its full year results shortly.

                                   ** 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 -
    managed work spaces.

   *The Whitstable property comprises of four retail units fronting onto the
    High Street and a separate self contained Post Office and car park. Tenants
    included Victoria Wine, Stead & Simpson Ltd, Post Office Counters and
    Canterbury City Council.

   *The property was producing a rental income of #73,400 per annum, which
    provided the purchaser with a net initial yield in the region of 6.9%, after
    allowing for costs of 5.75%.

   *Cyril Leonard advised on the sale for the vendor while Brian Cradick &
    Company advised the purchaser.




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

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