LONDON-Quintain Estates & Development added to its extensive portfolio of urban regeneration schemes in Greater London with the formation of a £75 million ($125 million) joint venture with Countryside Properties to complete the redevelopment of the 9.4-acre Merton Abbey site in Colliers Wood, London SW19. A non-recourse project loan is being provided by Barclays.

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.

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