24th Aug 2006 11:10
Quintain Estates & Development PLC24 August 2006 24 August 2006 Quintain Estates and Development PLC ("Quintain" / the "Company") STATEMENT RE THE LONDON BOROUGH OF BRENT'S APPLICATION FOR A CASINO The Board of Quintain has noted the decision last night by the Members'Executive Committee of the London Borough of Brent ("Brent Council") that itshould withdraw its application to the Casino Advisory Panel for considerationof the Borough as a location for the one Regional or "Super" Casino. As a result of this decision, Quintain's joint venture agreements with Caesars'Entertainment Inc will lapse and the Company will now progress its alternativeplans for the 13 acre Palace of Industry site. In accordance with BrentCouncil's Supplementary Planning Guidance, this will encompass between 1.6 and2.2 million sq ft of mixed use development, comprising retail, residential,leisure/entertainment, commercial and civic elements. Detailed work on theseplans will now be advanced, whilst the Company progresses its existingpermissions for over 6 million sq ft surrounding the National Stadium. The 5.3 million sq ft Phase 1 development is well underway, with the Arenare-launched after a £36 million refurbishment programme and 173 events secured.Quintain can also confirm today that 131 reservations with deposits paid havenow been received for the first private apartments currently under constructionat Wembley in partnership with Genesis and Family Mosaic Housing Associations.The apartments are part of a mixed-use development to the West of the Arena,comprising a total of 286 apartments of which 48% are affordable, and additionalfacilities including retail, leisure and community space, totalling 13,000 sqft. Quintain has recently announced the acquisition of the 306 room Wembley PlazaHotel from Hilton International, as well as an agreement, conditional uponplanning, to develop a 400 room full service hotel managed by Hilton. TheWembley Plaza site will form part of the redevelopment of the western section ofWembley, after 2010. Phase 2 of the Company's development plans for Wembley is the circa 800,000 sqft - 11 acre Joint Venture with the London Development Agency. Quintain ispleased to confirm that two key elements of this scheme - The Mayor's Square andWhite Horse Bridge - are now complete. For further information, please contact: Quintain Financial Dynamics Rebecca Worthington/Nick Shattock Stephanie Highett/Dido LaurimoreTel: 020 7495 8968 Tel: 020 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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