Quintain pushes forward in Greenwich as asset values fall
QUINTAIN moved a step closer to realising its giant Greenwich Peninsula scheme after announcing yesterday it has submitted plans for the first 500 homes on the site.
The developer secured a £300m investment in June from Hong Kong billionaire Henry Cheng, helping to kick-start the 150-acre project, which will see 10,000 homes built on the peninsula.
Announcing its half-year results yesterday Quintain said the overall value of its portfolio, which includes its Wembley scheme, fell 1.7 per cent to £1.1bn in the six months to the end of September as property markets outside of London continued to struggle.
Revaluations and other provisions sent the firm to a pre-tax loss of £29.1m for the six months to the end of September.
“Non-core regional assets are losing value…if you look right across the market you are seeing a real distinction between the performance in London and the rest of the regions,” said Max James, who replaced founder Adrian Wyatt as chief executive.
The group is selling off non-core assets to cut its £465.2m debt pile and focus on its London schemes.