RNS Number:4349O
Grosvenor Land Holdings PLC
07 August 2003



The reference to 14.5p in the seventh paragraph of the Grosvenor Land Holdings
Plc announcement released on 1 August 2003 at 16.33 under RNS No: 26230 and
headline "Acquisition" should have referred to 14p.

The rest of the announcement text is unchanged and the revised version is
reproduced in full below.

           Grosvenor Land Holdings Plc ("Grosvenor" or "the Company")

                        GROSVENOR LAND HOLDINGS ACQUIRES

                 THIRD 'POWERHUB' BUSINESS CENTRE IN MANCHESTER

Grosvenor Land Holdings Plc, the AIM listed property investment company, has
acquired At Work Business Centres Limited ("@ Work") in Manchester for
#3,190,000 in a cash and shares deal. The Company acquired the property as part
of its on-going strategy of building a national network of business centres
under its "Powerhub" banner, a concept already successfully implemented and
proven in Maidstone and Crawley.

The consideration is being satisfied by the issue of 1,666,666 new ordinary
shares at a nominal price of 21p per share, together with a cash payment of
approximately #560,000. Grosvenor will assume the existing mortgage facility
from Northern Rock Building Society of #2,280,000.

The business trades from Empress Business Centre in Chester Road, Manchester
which is currently let at a combined net rental income of approximately #300,000
per annum. By re-branding the building as a 'Powerhub' and implementing an asset
management strategy and new lettings of currently vacant accommodation, the
Company intends to increase the rental income. Grosvenor has already increased
returns in both the Maidstone and Crawley Powerhub centres and believes they
will be able to replicate this success in the Manchester property. The Empress
Business Centre is a multi let office and workspace development providing a
total floor area of 51,150 sq ft of lettable accommodation.

Mr Robert Dyson, a Chartered Surveyor, Executive Chairman of Dunlop Heywood
Lorenz and the founder of "@Work", has joined the Board of Grosvenor as a
non-executive director. He has considerable experience and expertise within the
property sector and will assist the Company in expanding the 'Powerhub' business
centre concept by sourcing further purchase opportunities.

He said "The "Powerhub" concept has much in common with the "@Work" business and
the ability to combine forces and for me to play a role in developing the brand
outside the South East is an exciting and challenging prospect."

Phil Edmonds, Chairman of Grosvenor said: "We believe that the Manchester
property is ideal for replicating our successful 'Powerhub' business centre
concept. We have worked hard to find properties that we feel will contribute to
establishing both a brand that is recognisable and a network of centres that
will boost shareholder value."

"The 'Powerhub' concept has been very well received. We recently raised #280,000
through a placing of 2,000,000 new ordinary shares of 1p at 14p per share whilst
the Manchester purchase has been partially funded by an issue of shares at a
nominal price of 21p per share. We feel that investors recognise the potential
of the business and our ability to place shares at a substantial premium to the
current share price underlines the market's confidence in Grosvenor and the
underlying value and opportunities offered by its portfolio.

"Since the beginning of 2003 we have implemented a strategy of disposing of
non-core assets to fund the expansion of the 'Powerhub' concept which is proving
to be extremely profitable. To this end, we have sold three properties raising
over #4 million cash, which have shown a return on equity employed in excess of
35%. We are committed to building a strong Company that rewards its
shareholders, and by continuing our disposal programme and focusing on the
'Powerhub' concept, we look forward to the future."

Cyril Leonard introduced this off market opportunity to Grosvenor Land and
advised on the acquisition.

                                    **ENDS**

Issued on behalf of Grosvenor Land Holdings Plc, 22 Gilbert Street, Grosvenor
Square, London W1K 5EJ, by St Brides Media & Finance Ltd, 46 Bedford Row, London
WC1R 4LR.

Contacts:

Simon Blausten Grosvenor    Tel: 020 7408 2222

Douglas Blausten Grosvenor    Tel: 020 7408 2222

Hugo de Salis  St Brides Media  Tel: 020 7242 4477

Notes:

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

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

   *Powerhub offers business centres offering fully equipped offices, studios
    and warehousing of varying unit sizes with on site car parking, security
    services and good public transport links. The "Powerhub" offers flexible
    lease terms to its tenants.






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