Property assets value rises 7% as plans for Wembley Park take shape
Developer Quintain has announced a 7% rise in its property asset values in the year to 31 March 2015, citing the 鈥渃oming of age鈥� of its Wembley Park development in north London.
The company鈥檚 net asset value stands at 拢639.4m, while pre-tax profit for the year rose almost 50% from 拢4.2m to 拢6.2m.
Maxwell James, chief executive of Quintain, said: 鈥淲e are pleased to report results showing that our Wembley Park development has come of age.
鈥淥ur actions to invest in placemaking at Wembley Park have helped to create an increasingly attractive residential location, benefiting from five acres of green space, a vibrant entertainment quarter and new high-quality apartments, which are in short supply in London.
鈥淭ogether with continued strong market conditions, this has led to higher average selling prices for residential apartments and continued strong demand from purchasers.鈥�
Wembley Park is a 5,000-home leisure and residential district under development by Quintain. The first 284 homes, at Emerald Gardens, went on sale in March 2014, and 90% of this tranche have been sold. A further 180 homes are under construction in this part of the scheme, and work is set to start on 362 apartments on an adjacent plot.
These schemes form part of the development鈥檚 North West Village, where 1,2000 homes will be delivered over the next four years.
Quintain also announced that it has accepted a 拢40m offer for its 50% interest in the 361-bedroom, four-star Hilton hotel at Wembley Park from its joint venture partner, Oaktree Capital Management.
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