Developer hires architect for next housing phase and posts return to profit
Developer Quintain has announced it will 鈥渁ccelerate鈥� development of the next residential phases of its 5,000-home Wembley Park development, as it posted a return to profit in its financial results in the year to 31 March 2014.
Quintain chief executive Maxwell James said strong early sales for the first Jestico + Whiles and C.F M酶ller-designed 475-home residential phase had prompted the firm to accelerate plans for succeeding residential phases.
The news came as Quintain unveiled architecture practice Flanagan Lawrence will design the next 300-home phase (pictured).
Quintain completed the commercial phase of Wembley Park, including the London Designer Outlet, last year.
In its financial results, Quintain posted an operating profit of 拢12.5m, compared to a 拢37m loss the previous year.
Pre-tax profit 鈥� which takes into account finance costs 鈥� was 拢4.7m, compared to a 拢49.3m pre-tax loss the previous year.
Quintain鈥檚 profit was boosted by the sale of its 50% stake in mixed-use scheme Greenwich Peninsula to its joint venture partner, Hong Kong-based property investor Knight Dragon, realising a profit of 拢28.6m and representing a profit on historic cost of 拢116.1m, or a premium of 172%.
Quintain said it has a 鈥渟tated ambition to build up a broader London portfolio over time鈥� and will make 鈥渟elective acquisitions鈥�.
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