Crest Nicholson seeks profit share in £50m scheme

Housebuilder Crest Nicholson is suing Akaria Investments over its profit share from the £50m Riverside shopping development in Hemel Hempstead, Hertfordshire.

The 385,000ft² mixed-use scheme opened two years ago and includes 100 apartments and a retail centre. Crest says it is entitled to profits from units that have not been leased, two years after final practical completion. But Akaria, which owns the centre, says there is no agreement on the open-market rent for each unit.