Developer hires architect for next housing phase and posts return to profit

Wembley Park Flanagan Lawrence

Developer Quintain has announced it will “accelerate” development of the next residential phases of its 5,000-home Wembley Park development, as it posted a return to profit in its financial results in the year to 31 March 2014.

Quintain chief executive Maxwell James said strong early sales for the first Jestico + Whiles and C.F Møller-designed 475-home residential phase had prompted the firm to accelerate plans for succeeding residential phases.

The news came as Quintain unveiled architecture practice Flanagan Lawrence will design the next 300-home phase (pictured).

Quintain completed the commercial phase of Wembley Park, including the London Designer Outlet, last year.

In its financial results, Quintain posted an operating profit of £12.5m, compared to a £37m loss the previous year.

Pre-tax profit – which takes into account finance costs – was £4.7m, compared to a £49.3m pre-tax loss the previous year.

Quintain’s profit was boosted by the sale of its 50% stake in mixed-use scheme Greenwich Peninsula to its joint venture partner, Hong Kong-based property investor Knight Dragon, realising a profit of £28.6m and representing a profit on historic cost of £116.1m, or a premium of 172%.

Quintain said it has a “stated ambition to build up a broader London portfolio over time” and will make “selective acquisitions”.