RNS Number:0795O
Berkeley Group PLC
29 July 2003



29 July 2003

JOINT NEWS RELEASE FROM THE LONDON DEVELOPMENT AGENCY AND THE BERKELEY GROUP PLC

 London Development Agency and The Berkeley Group announce major new mixed use
                            development in Woolwich

The London Development Agency (LDA) and The Berkeley Group Plc announced today,
29 July 2003, that they have entered into a Development Agreement for a major
new mixed use development at the Royal Arsenal site in Woolwich, south London.

The proposal for a commercial, retail, leisure and residential development,
includes restaurants and an hotel. It is also proposed to build up to 2,000 high
quality homes, including affordable accommodation for key workers.

The scheme is the fourth and final phase of the ambitious and imaginative
redevelopment of the Royal Arsenal that has been initiated and led by the LDA.
Located in the London Borough of Greenwich, a key partner in the overall
redevelopment of the Royal Arsenal, the historic former military depot is being
transformed into one of the capital's largest and most exciting regeneration
projects. The new development will complement existing residential, business and
heritage occupiers on the site and further enhance the area as a destination in
which to live, work and enjoy leisure pursuits.

The Development Agreement will deliver the scheme on nearly 10 hectares of land
between Berkeley's existing riverside development and Woolwich town centre.

Tony Winterbottom, LDA Executive Director, Regeneration and Development said: "I
am delighted that the final phase of the redevelopment of the Royal Arsenal is
now underway. The whole site is an important development in the London Thames
Gateway; the LDA has invested #45 million in the refurbishment of buildings, new
roads and services and the remediation of contaminated land to prepare for its
development.

"This final phase will not only complete the imaginative redevelopment of the
site, it will also help kick start the development of Woolwich town centre. We
look forward to the continuation of our successful partnership with the London
Borough of Greenwich on this project."

Tony Pidgley, Managing Director of The Berkeley Group Plc, added: "The Berkeley
Group is delighted to have entered in to this Development Agreement with the
London Development Agency. As one of the country's leading urban regenerators,
Berkeley has the experience and vision to take forward the next phase of the
regeneration of this historic site in a sensitive and sustainable manner.

"The current phase of development at the Royal Arsenal has proved highly
successful and I am delighted that through this partnership with the London
Development Agency we will have the opportunity to extend our commitment to the
Royal Arsenal development and the on-going regeneration of Woolwich.

"The success that has been achieved to date demonstrates what can be realised by
the type of highly effective partnership approach that has been evident
throughout the regeneration of the Royal Arsenal.

"The mixed uses being proposed for this final phase will deliver a truly
integrated community and further contribute to making the Royal Arsenal one of
the most exciting developments in the capital."

The Royal Arsenal is a site steeped in history and heritage. The final phase of
development will lead to the restoration of 9 existing listed buildings and
bring back to beneficial use the oldest buildings on the site, which date back
to the 17th century.

The proposal further enhances both the LDA and Berkeley's objective to create a
high quality and sustainable development. The current development at the Royal
Arsenal consists of over 1200 residential units, over 55% of which involve the
sensitive restoration and refurbishment of existing historic buildings. Current
phases are due to be completed in approximately 3 years and the company sees
this next phase as a natural progression and one that is expected to take
development up to 2015.

The Royal Arsenal has been identified by central government as an important
strategic regeneration site both for Woolwich and also the wider Thames Gateway.
The provision of a further high quality mixed use development will have
wide-reaching benefits for the surrounding community.

It is hoped that a planning application will be submitted in approximately six
months with works planned to commence at the end of 2004.

Woolwich stands to benefit from extensive investment in London's transport
infrastructure and become one of the best-served locations in east London. The
Docklands Light Railway Extension is proposed for 2007 and the Greenwich
Waterfront Transit scheme has commenced linking Woolwich to the Jubilee line at
Greenwich.

                                    - Ends -

For further press information on the London Development Agency contact Jane Ball
at the LDA press office on 020 7954 4552 or 07976 081042 www.lda.gov.uk

For further press information on The Berkeley Group Plc please contact Tony
Pidgley, Managing Director, on 01932 868555.

Notes to Editors

The LDA is the Mayor's agency for business and jobs. It prepares the Mayor's
business plan for the capital, investing over #300 million a year and mobilising
the support and resources of other organisations to create a better environment
for London's diverse people, businesses and communities to thrive.

It has three main roles:

Promoting success

The LDA is responsible for the promotion of London's success and growth, working
to retain and attract more investment and trade and encourage more business
visitors, tourists and students to London and the UK.

Supporting Inclusion

The LDA invests directly in quality initiatives that help people, especially in
disadvantaged communities, enhance their skills, develop businesses and secure
jobs. It focuses its resources on areas of greatest need, such as deprived parts
of London, and areas of greatest opportunity, such as emerging business sectors.

Renewing London

The LDA coordinates investment and direct support for deprived parts of London,
to unlock the potential for new homes, jobs and community facilities and to help
deliver major initiatives such as the 2012 Olympics and Thames Gateway
development. It also makes the case for better and new infrastructure for areas
in need of renewal.

Further information can be found at www.lda.gov.uk


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

END
AGRILFVFDDIAFIV