12th Feb 2014 08:52
LONDON (Alliance News) - Quintain Estates & Development PLC Wednesday said it has secured planning permission for 475 apartments at Wembley Park and expects to start marketing next month.
The London property investment and development specialists said the London Borough of Brent gave the go-ahead for the project which will consist of seven buildings arranged around an acre of private gardens close to Wembley Park underground station.
Marketing of the scheme will begin next month, with construction starting shortly thereafter. Quintain said the new homes being delivered will be at a price point that is affordable for Londoners looking for a new home to buy or rent.
The residential development will be near Quintain's London Designer Outlet. The company said the retail site is now 87% let and welcomed its 1 million visitor in early January just 11 weeks after opening.
The centre traded well over the Christmas period, with more than half a million people visiting in the six weeks to January 5, the firm added.
In an interim management statement for the period October 1 to February 11, the company said its student accommodation joint venture, iQ, is also progressing well and is 99.9% let for the current academic year.
Seven months before the start of the new academic year, pre-lettings of the 5,183-bedroom portfolio, at 44%, are ahead of 40% at the same point in 2013. Rents for the building have also been increased 3.9% on the previous period.
In a separate note, the company said it has sold its interest in the Mitre Passage office building at Greenwich Peninsula.
The sale occurred through the disposal of its 50% ownership of the Greenwich Peninsula NO204B Block B Unit Trust, a joint venture with Lend Lease Group, and the 100% owned retail unit in the same building to Tristan Capital Partners, acting on behalf of EPIS03 Luxembourg Holdings Sarl, for a total of GBP17.1 million.
The net proceeds from the disposal will initially be used to reduce the company's net debt, the London firm said.
Last week the firm said it exchanged contracts to acquire a 21-year leasehold interest in Kingsbourne House at 229-232 High Holborn, London, and part of the adjacent 226 High Holborn for GBP13.7 million in cash.
Kingsbourne House is a recently refurbished office building next to Holborn Underground station. It is substantially let to nine tenants with a contracted rental income of GBP1.2 million, rising to GBP1.4 million on completion of an agreed letting, representing an initial yield of 10%, Quintain said.
Quintain shares were up 1.1% at 105.44 pence early Wednesday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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