Quintain Estates & Development will push ahead with new homes on its Wembley Park site as it reported a rise in its profit for the six months to 30 September 2014.
The company said it had expanded its development pipeline to more than 1,700 homes across the entire western half of the north London scheme.
That accounts for 34 per cent of the 5,000 homes for which it has outline planning consent.
Quintain’s pre-tax profit for the half-year period rose to £3.3m, from £3.1m in the same period last year, with operating profit was up £12.3m to £14.8m, compared with £2.5m the year before.
Operating profit was boosted principally by group acquisitions and income and valuation growth at Wembley Park.
Chief executive Maxwell James said Wembley Park was now making a “meaningful contribution” to the group’s net rent, largely due to the opening of its London Designer Outlet a year ago.
“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,” he said.
Quintain currently has 475 homes under construction, with 386 submitted for detailed planning and a further 850 under public consultation.
Of the 475 homes under construction, 143 will be owned and managed by the group for private rented sector accommodation. They will open in 2016.
The group has sold 166 homes, 13 months prior to completion, with an average price of £588 per sq ft, worth £61m.
Quintain’s net asset value has increased to £611.6m over the past six months, compared with £595.4m in March 2014. This is equal to a net asset value per share of 117p, compared with 115p in March 2014.
Net debt has fallen to £178.3m from £208.9m in March 2014. This was down from £452.8m in September 2013.
Wembley Park has development and investment assets – both of which have increased over the six-month period.
The group’s investment assets in Wembley Park have risen to £267.6m, from £254.2m. Their development assets have jumped to £350.5m, from £334.9m in March 2014.
In its London portfolio, the group’s acquisitions of Kingsbourne House in Holborn and Aldermary House in the City were announced earlier in the year.
Since then it has bought two smaller properties in south west London, Collingham House in Wimbledon and Thames House in Teddington, worth £15.9m. These offer potential for re-positioning through refurbishment or redevelopment, it said.
In October Quintain announced its finance director Richard Stearn would be leaving the group to become Berkeley’s new finance director.
The company has begun the process of appointing a successor, and Mr Stearn will stay with the company until this is achieved or until 3 April 2015.