Work has already started on the prominent brownfield site next to the existing Merton Abbey Mills retail scheme to develop 283 apartments for sale on the River Wandle. Occupation of the first phase is scheduled for Summer 2004, with completion of the development by Summer 2006. The average selling price is expected to be £250,000. ($420,000). In addition a132-bed hotel has been pre-let to Scottish & Newcastle's Premier Lodge and a large health & fitness centre pre-let to Virgin Active. The scheme will also include two restaurants.

Quintain's Property Director Nick Shattock said: "This joint venture agreement is another opportunity for Quintain to regeneratea currently under-developed part of London. We are delighted to be working in partnership with Countryside Properties, one of the UK's leading house builders, on what we believe will become a thriving mixed-use scheme which is already anchored by some prestigious tenants."