Quintain Estates and Development’ figures show progress at Wembley, with several major milestones achieved.
The numbers announcement, for the year ended 31 March 2011, show completion of all key Wembley operational milestones, and the 84-acre Wembley City now accounting for almost half of Quintain investment assets.
The Wembley milestones – to start construction of the Hilton Hotel, progress the student accommodation, and to secure anchor tenants for the London Designer Outlet are all given a ‘tick’ in the results announcement.
The 361 room Hilton Hotel and 660 bed student accommodation building, adjacent to Wembley Stadium, both topped out just after the financial year end. The hotel is expected to open in time for the Olympic Games and the student accommodation for the 2012/13 academic year. Quintain say they are making good letting progress at the 280,000 sq ft London Designer Outlet in Wembley, with 30% net internal area let, including to Cineworld, Gap and M&S, as well as Frankie & Benny’s, Handmade Burger Co and Jimmy Spice’s in the restaurant section, and heads of terms agreed for a further 12%.
In addition, they have been granted planning consent for 1.7m sq ft of mixed-use development at Wembley City, including up to 1,300 homes and a new shopping street in the Wembley City North West Lands, centred around Brent Council’s new Civic Centre.
New milestones set for the next 12 months include establishing Wembley City as a thriving retail and leisure destination.