LONDON-Quintain has strengthened its grip on development opportunities at Wembley and on the Greenwich Peninsula with two more site acquisitions.
At Wembley in North-West London Quintain has bought York House, a 118,000-sf office building, for £15.3 million ($26 million), reflecting an initial yield of 8.7%. As a result of this, the company now owns 58 acres surrounding the new National Stadium at Wembley. Earlier this year a planning application was lodged for fivemillion sf of mixed-use development on 42 acres of the site.
And in East London, Quintain has bought a 12.6-acre site across the Thames from the Greenwich Peninsula in a joint venture with the London Development Agency. The land is currently safeguarded as part of the approach route to the mooted for a third Blackwall Crossing and is leased back to Carlsberg-Tetley for a minimum of three years.
Quintain chairman Nigel Ellis says: “This acquisition, strategic in the context of both the Olympics and our ongoing involvement on the Peninsula, is in line with our regeneration policy of buying assets early that have an existing income stream, thereby underwriting the planning risk.”
The news came as Quintain unveiled its interim results for the six months ended 30 September 2003. Gross profits were up 21% to £19.3 million ($33 million); pre-tax profits were stable at £7.3m ($12.4 million. Net asset value per share is now 349p against 348p six months previously.
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