Business
Interim Management Statement
Interim Management Statement.
About this update from Quadrise Plc
[{"type":"text","content":"\n \nRNS Number : 6195O Quintain Estates & Development PLC 08 August 2014 \n \n\n8 August 2014 \n \nQuintain Estates & Development PLC\n(\"Quintain\" / \"Company\" / \"Group\")\n \nInterim Management Statement\n \nQuintain, the London property investment and development specialist, today issues its Interim Management Statement for the period from 1 April to 7 August 2014.\n \nMaxwell James, Chief Executive of Quintain, said: \n \n\"We are delighted with the progress being made at Wembley Park, most particularly residential sales momentum ahead of the next launch in September. The prices achieved remain ahead of expectations, demonstrating both the strength of buyer demand at these price points and the growing appeal of Wembley Park. Alongside this, the refinancing of our bank facilities at extended maturities provides the appropriate financial platform for the execution of our strategy.\"\n \nWembley Park\nAt North West Village, off plan sales are progressing well. Construction of the 475 home Emerald Gardens is well underway, and sales have been agreed on 94 of the 110 homes released to date. Of these 87 have exchanged contracts and a further 7 have been reserved at an average price of £573 per square foot. This equates to an average selling price per home of £355,000. The first completions, including the 143 homes that will seed Quintain's new Private Rental Sector (PRS) business, will take place during the first half of 2016, with the balance delivered over the subsequent 12 months. \nThis robust sales performance reflects continued strong demand from buyers at this price point, which remains the most under supplied segment of the London housing market.\nThe new leisure and retail quarter at Wembley Park, focused around the London Designer Outlet centre, continues to act as an important differentiator for residential purchasers. Recent openings at London Designer Outlet include Helly Hansen, The North Face, Without Prejudice and Kurt Geiger and Next will open a 7,800 sq ft store next month, anchoring the south east corner of the centre.\nFinance\nThe Company has signed agreements for the refinancing of £260 million of corporate revolving credit facilities with its key relationship banks. The key terms are broadly in line with the existing facilities with headline ma...