21st Aug 2007 11:54
Quintain Estates & Development PLC21 August 2007 21 August 2007 Quintain Estates & Development PLC ("Quintain" or the "Company") QUINTAIN WINS DETAILED PLANNING PERMISSION FOR MAJOR MIXED-USE PLOT AT WEMBLEY Quintain Estates and Development PLC has been granted detailed planningpermission by the London Borough of Brent, the local planning authority, for amajor 615,192 sq ft (57,174 sq metre) mixed-use building at Wembley. This isthe fifth major detailed planning consent obtained by the Company for its 6.3million sq ft (585,000 sq m) development. The new 10 storey building will adjoin Wembley Arena and face Wembley Stadium.It will combine a 441 bed Hilton International Hotel, including a businesscentre, function suite and healthclub, with a 656 bed student halls ofresidence, five affordable housing units, 86,080 sq ft, (8,000 sq m) of retailspace including food and drink outlets, as well as elements of the planned150,000 sq ft designer outlet space (13,940 sq m), parking for 226 vehicles and398 bicycles, and communal landscaped areas and open space. The hotel was designed by The Manser Practice and will benefit from thetransference of guests and business currently managed by the Wembley Plaza. Thestudent accommodation was designed by PRP Architects and the retail facilitiesby Leslie Jones. The student halls of residence will be owned by Quintain's student accommodationfund, iQ, a joint venture between Quintain and The Wellcome Trust. iQ alreadyowns and operates student accommodation throughout the UK. Construction of the project is planned to commence in late 2007, with completionduring the summer of 2010. The current estimated GDV of the combined buildingis £230m. Nick Shattock, Deputy Chief Executive of Quintain, commented: "Another major detailed consent, our fifth, takes us further forward indelivering a dynamic fusion of retail, entertainment and living at Wembley. Aluxury hotel will play a vital part in serving Arena and Stadium visitors, aswell as reinforcing Wembley's conferencing credentials. The studentaccommodation will ensure the scheme quickly becomes populated and also reflectsthe synergies inherent between Quintain's development and Fund Managementbusinesses." ENDS For further information, please contact: QuintainNick ShattockTel: +44 (0)20 7495 8968 Financial DynamicsStephanie Highett/Dido LaurimoreTel: +44 (0)20 7831 3113 Notes to Editors Quintain Estates and Development plc is a leading property investment anddevelopment company, listed on the London Stock Exchange. Quintain has three areas of focus: Fund Management; Investment Portfolio; andSpecial Projects, which consists of the Company's larger and typically complexassets - such as Wembley - that gain returns from planning and developmentopportunities. Wembley Quintain's Wembley development involves the transformation of the 72 acres ofland surrounding Wembley Stadium into a mixed-use development. Transposed ontocentral London, this regeneration site would cover Trafalgar Square, LeicesterSquare, Covent Garden, and all the land in between. Planning consent has been provided for 6.2 million sq ft (576,000 sq m) ofresidential, retail, commercial and leisure space on 59 acres, with potentialfor up to a further 2 million sq ft on an adjoining 13 acres, totalling almost8.5 million sq ft (789,600 sq m). The result will be the creation of an urbanenvironment that will dramatically enhance the experience of those visiting theNational Stadium and the world famous Wembley Arena. Masterplanned by Lord Rogers, the £2.3 billion development will createapproximately 7,000 new jobs and 4,200 new homes. In addition to Wembley, Quintain is involved in a variety of projects across theUK, including the regeneration of the 190-acre (8,276,400 sq ft / 769,182 sq m)Greenwich Peninsula site, a 900,000 sq ft (83,600 sq m) zero-carbon developmentat Middlehaven under the Bioregional Quintain brand, and a 1 million sq ft(92,900 sq m) mixed use development at City Park Gate, Birmingham. Quintain Fund Management ("QFM") was created to invest alongside partners inniche sectors where specialist asset management can deliver attractive returnsand stable long term fee income. As at 31 March 2007, QFM's assets undermanagement totalled £711 million through its two partnerships with Morley FundManagement - Quercus, its healthcare fund, and Quantum, a science park fund, andiQ, its student accommodation fund with The Wellcome Trust. iQ has schemes operating in Sheffield and Nottingham and will complete shortlyon schemes in Brimingham and Salford. Further schemes in Preston, Bristol,Kingston, Edinburgh and Sheffield are under construction. When completed theseschemes, along with the scheme at Wembley, will have a combined value of over£250 million. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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