Quintain has accelerated its Wembley delivery, it says in its results for the six months to 30 September 2014.
The developer says its immediate development pipeline at Wembley Park has expanded to 1,700 homes, since the end of the reporting period, and that they have achieved £61m worth of private sales – 166 homes – 13 months prior to completion.
143 of the 475 homes under construction are to be owned and managed by Quintain as Private Rented Sector accommodation.
Maxwell James, Chief Executive of Quintain, said: “We are pleased to report a robust set of results and further acceleration of the development of new homes at Wembley Park. With 475 homes under construction, 386 submitted for detailed planning consent and a further 850 under public consultation, the development pipeline has been expanded to over 1,700 homes, 34% of the 5,000 for which we hold outline planning consent.
“Wembley Park is now also making a meaningful contribution to our net rent, due primarily to the opening of London Designer Outlet a year ago and the new management arrangements for The SSE Arena in our growing Leisure Quarter. We anticipate further income growth through active asset management and leasing.
“While we continue to assess potential acquisitions for our London Portfolio, with Wembley Park now established as an attractive place to visit and to live, we intend to maintain our focus on improving income from these investment assets and accelerating the pace of residential delivery in this vibrant London location.”