Quintain has accelerated residential development plans at its key Wembley Park site after the company’s net asset value per share increased to 122p.
The push to develop its residential units has been driven by the market, said chief executive Maxwell James.
He added that with “one of the largest and best consented schemes in London” the demand for property at the development’s price point was making the choice obvious.
The company will aim to deliver a further 1,200 in the short term to the 525 flats already delivered as part of its Emerald Gardens site.
The company has planning consent for a total of 5,500 flats through its Wembley Park site. The units will typically be one- and two-bedroom homes costing £600 per sq ft, up from £575 per sq ft.
In the year to the end of March 2015 the company’s NAV rose from 115p in March 2014 as the value of the Wembley Park and London assets grew.
The value of Wembley Park’s completed assets rose by 4.6% to £272.9m and the London portfolio of assets by 3.3%.
Wembley Park’s development site is 42% of the company’s holdings and this saw a 13.8% rise in its post development value to £351.1m.
Overall Quintain’s portfolio is now valued at £639m with debt of £375m. Portfolio LTV was reduced by the higher valuation from 38% to 27%.
The company’s £12m investment in the WELPUT fund has returned 21.4% over the year, with disposals of around £370m in assets including Carey Street. The fund also bought another £250m of assets including 20 St James Street.
Overall the group made a £6.2m net profit over the year to 31 March 2015.
