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Wembley Park developer Quintain loses over £700m

2025-04-03 10:08:32 By

Quintain, the company responsible for the Wembley Park transformation in London, has reported a staggering loss of over £700m in its latest financial year.

The firm's delayed accounts reveal a pre-tax loss of £721.7m for 2023, a significant downturn from the pre-tax profit of £139.7m recorded in 2022, as reported by City AM.

Despite this, the company's revenue saw an increase, rising from £110m to £123.5m during the same period. These results were filed with Companies House several months past the 30 September deadline.

Wembley Park encompasses the London Designer Outlet, Brent Civic Centre, Troubadour Wembley Park Theatre, Boxpark Wembley, and a variety of independent retailers, along with 5,176 new homes, 3651 of which are managed by Quintain Living. As of the end of 2023, there were 769 homes under construction, with completion anticipated in early 2025.

In September of the previous year, Quintain finalised the refinancing of its existing corporate facility and infrastructure loans. This £780m agreement, backed by JP Morgan and Cheyenne Capital, replaced the prior facility established in 2016.

Upon completion of the Wembley Park project, over 8,500 homes will have been built, with a third categorised as affordable. Additionally, 633,000 sq ft of office and retail space will be created, generating more than 8,640 jobs.

Quintain, the property development company, has expressed confidence in its trajectory, stating: "The group has a clear business plan, objectives and an agreed strategy and there have been a number of major events and milestones achieved in the period to December 2023 which have contributed significantly towards achieving those objectives."

The firm, established by Adrian Wyatt and Christopher Walls in 1992 and listed on the London Stock Exchange in 1996, has seen significant growth over the years. In 2002, Quintain acquired the entity holding the land around Wembley Stadium, and in 2015, it was taken over by US private equity giant Lone Star for £745 million.

Recently, the company announced the completion of a refinancing deal for a build-to-rent (BtR) building at Wembley Park with a £128.7 million green loan from Natixis CIB. The Robinson, which is part of this project, features 458 homes, including affordable units, across three blocks.

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Commercial Property2025-04-03 10:08:32

Ardent relocates Birmingham team to new base

A development consultancy has relocated its Birmingham team to a new home in the city. Ardent, which specialises in land, consent management and stakeholder engagement, has moved to Northspring in Temple Street from The Colmore Building. The firm works on consenting and delivering projects across the transport, renewables, utilities and regeneration sectors. It employs around 50 staff in Birmingham and 200 across its portfolio of offices in London, Leeds, Warrington, Dublin and Glasgow. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Group managing director Jonathan Stott said the move was part of the company's wider growth strategy and to offer the best possible working environment to colleagues. He said: "We support the delivery of some of the most important developments across the UK through the expertise of our people across all of our teams. "It has led to very strong growth over the past couple of years and we are planning to grow the team even further in Birmingham and across our other locations too. "Northspring offers us a fantastic space for the team to be able to come together in one place, to collaborate and to offer the very best service to clients.

Commercial Property2025-04-03 10:08:32

Demolition team appointed to flatten derelict police station and pave way for new development

A demolition team has been hired to demolish the former Bonny Street Police Station and Magistrates' courts in preparation for new developers at the Blackpool Central site. The clearance process, which will include Chapel Street car park and the old joke shop on Central Drive, will be led by DSM Demolition. Work is set to begin in the new year and may take up to six months. During this period, the 15-acre council-owned plot will be marketed globally to attract fresh investment after the departure of the previous developer, Nikal, which had plans for hotels, restaurants and indoor theme parks. The council has terminated its land sale deal with Nikal but will retain £4.5 million from the original agreement signed in January 2020. A multi-storey car park with a 1,306-space capacity recently opened at the site, with an option for the council to acquire it for a nominal sum in the future, reports Lancs Live. The leader of Blackpool Council, Coun Lynn Williams, said: "Blackpool Central sits right at the heart of our plans to make Blackpool better for everybody. We're committed to attracting a world-class leisure development that creates jobs for our local people, extends our tourism season to be all year round and supports our local economy to grow. "In the last five years at Blackpool Central, we've made more progress on this site than the 50 years before it since the Blackpool Central train station closed in the 1960s, largely paid for by the private sector without risking council tax payer's money." She added: "The road to regeneration isn't always smooth but we will not stand still. We will continue our plans to demolish the courts and the police station early in the new year in order to create a shovel-ready site for a new leisure attraction. "We have very high standards for the type of attraction which this site needs and any future scheme will have to match those ambitions. To deliver on that we need serious investors and we will be heavily marketing this opportunity to get that international calibre of attraction." The demolition costs will be covered by the £6.95m allocated to the project from the previous government's Levelling Up fund.

Commercial Property2025-04-03 10:08:32

Angry residents told their objections to controversial office-to-residential plans are 'not applicable'

Residents living near the Sale Point office block in Sale have been told that their objections to its conversion into 80 apartments 'are not applicable'. The locals, who live adjacent to the six-storey building on the A56 Washway Road - a key route from Altrincham into Manchester - argue that the development will exacerbate existing traffic and parking issues. They have also expressed concerns about the ability of local schools and doctors' surgeries to accommodate the influx of new residents. The plans to transform the 1970s building are currently under review by Trafford council's planning officers. However, as the conversion falls under 'permitted development' regulations, the decision will be made by planning officers, not the borough's planning committee. The final decision is still pending. In this week's committee meeting, a separate application was approved for the replacement of all windows and frames at Sale Point, additional window openings, and the installation of Juliette balconies, seemingly paving the way for the eventual approval of the conversion. Despite this, 15 letters of objection were received from neighbouring residents, highlighting concerns over the impact on the highway network, local services such as doctors' surgeries and schools, and ongoing parking issues. Nevertheless, a report to the committee stated that the applicant, Blueoak Estates Ltd's plan, was 'in line with local, regional and national policies', reports the Manchester Evening News. "The proposal is considered to have been designed appropriately and will not have any unacceptable impact on the amenity and quality of life of adjacent residents," the statement read. Trafford's major projects planning officer, Sarah Lowes, informed councillors of a 'separate and pending' change-of-use application from office to residential that falls under 'nationally set permitted development rights', which officers have 'fully delegated' authority to decide upon. Councillor Simon Thomas highlighted that the ongoing use of the building wasn't being scrutinised by the planning committee. "I can see no reason, without much debate, why we can't agree with the officers' recommendation to approve it," he said. Councillor Mike Cordingley concurred, but added: "I can understand why the residents feel that the planning system isn't working for them. I can see why they've objected. Those objections are not applicable to this application, and so we're doing the right thing by allowing it. "But that doesn't remove the feeling of unease that this is not working for them and that they've got an opinion that needs to be heard. I'm just putting it on record, that I hear what they're saying." During discussions earlier in the day with the Local Democracy Reporting Service, residents expressed their concerns. A resident of Westbourne Grove, who chose to remain anonymous, said "The major issue here is around parking. There are not going to be anywhere near enough parking spaces for the people living in that block." Discussing past difficulties before residential parking permits and a two-hour waiting restriction were introduced, they said these measures were necessary due to 'a lot of problems'. Another local voiced frustrations, commenting: "The traffic around here is horrendous. We feel like we are prisoners here sometimes." Residents from surrounding streets including Westgate, Walnut Grove, Barkers Lane, and St Mary's Road also lodged complaints. A Westgate inhabitant was apprehensive about privacy, stating: "We will be overlooked directly by the apartments. They will be able to look directly into our rooms and gardens. There will also be an increase in illegal and obstructive parking. "There are already difficulties getting out of the Barkers Lane/Washway Road junction. There is also limited capacity for local schools and GPs."

Commercial Property2025-04-03 10:08:32

New £250m data centre could open in Greater Manchester

A new data centre could soon be built in Salford in a move developers say could be significant boost to the area's technology sector, could soon be built in the city. The proposed £250m scheme in Eccles is situated on a six-acre industrial plot off Liverpool Road, just north of Salford Community Stadium. DLD (Salford) Ltd has submitted the application, which it says could generate new employment opportunities and attract additional businesses to the region. DLD says the facility would serve as a physical storage space for digital data, supporting everything from internet usage to advanced technologies like artificial intelligence. If approved, existing buildings on the land, currently used for car sales and storage, would be demolished to make way for a data hall and offices. Data centres are deemed 'crucial' for the country's future, storing vast amounts of information, so the proposed Salford site would necessitate robust security measures including security checkpoints for anyone entering or exiting the site, anti-climb fencing, and comprehensive surveillance. Its backers say the centre could also bring benefits to the city and the wider North West, potentially being utilised by local councils or to support services such as transport and education. Planning documents submitted alongside the application indicate that the UK requires 'significant levels of new data centre capacity' to keep up with the fast-paced changes occurring in the tech world, reports the Manchester Evening News. The site's location has been chosen to link in with the proposed regeneration plans around Salford's rugby stadium. Meanwhile, construction has commenced on a data centre in Stockport, Greater Manchester, with an expected completion date of 2026.

Commercial Property2025-04-03 10:08:32

Holiday Inn proposes major redesign for Hull property

Holiday Inn has lodged plans for a revamp of their hotel at Hull Marina. The proposals, submitted to Hull City Council, outline changes to several areas of the hotel, including the bar and restaurant area, conference facilities, and parts of the building's exterior. The aim is to enhance the visual appeal of the approach to the 100-room hotel. The modifications are planned in conjunction with the A63 improvement works, due for completion in May 2025. Due to these changes, the Eastern approach to the hotel has been eliminated, meaning vehicles will now only be able to access the hotel from the West. However, pedestrians can still reach the hotel from the East and city centre via the Princes Quay Bridge. Upgrades will be made to the existing outdoor seating and furnishings, parasols, and glazed screens along the boundary line with planters to match dockside architecture. The plans also reveal the hotel's intentions to remove the fitness suite and meeting room provision and replace the current glazed balconies. Major improvements are also planned for the reception and walkway into the hotel. The hotel's courtyard is also set for a makeover, including enhanced lighting and landscaping, and the installation of a decked terrace, reports Hull Live.

Commercial Property2025-04-03 10:08:32

MCS Group wins brief to build new HQ

Construction contractor MCS Group has won the brief to build a new headquarters for a signage firm in south Birmingham. The Warwick-based company is building a £20 million, 80,000 sq ft base on behalf of Allsee Technologies which will house teams working on the company's manufacture of digital advertising displays and signs. The design and build project, which is expected to reach practical completion in late 2025, includes three storeys of office space, car parking and external works. Allsee Technologies received consent in May for its new head office and digital centre on Longbridge Business Park which it said would create more than 150 jobs. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. The company, which is currently based in Bartley Green, develops software for displays and also manufactures hardware to build the products. Keir Edmonds, managing director at MCS Group, said: "Starting a new development is always exciting and our latest project is no exception. "We are thrilled to be working alongside Allsee Technologies to create a fantastic new headquarters here in the Midlands, bringing investment and new jobs to this exceptional regeneration zone." Baoli Zhao, managing director at Allsee Technologies, added: "Longbridge has a proud history of manufacturing and innovation and we are honoured to become part of this legacy with our new headquarters and digital technology centre. "This development represents an exciting step forward for Allsee Technologies, and the region as a whole, as we invest in creating high-quality job opportunities and advancing digital display and communication technologies.

Commercial Property2025-04-03 10:08:32

Gary Neville says ‘leap of faith’ paid off as No 1 St Michael’s in Manchester is fully let before building work completes

Footballer turned property developer Gary Neville says he’s proud of the “leap of faith” taken by his company Relentless Developments as its flagship office building is now fully let before it is even completed. Relentless started work on the 100% speculative development in 2022 and has since secured six office tenants and three food and drink operators. It has three times set a new headline rent for offices in the city. The business calls No.1 St Michael’s “the best new office development outside London” and says this is “the first time in 15 years a speculative office building of this scale in Manchester has been fully let prior to practical completion”. Last month investment bank Cavendish announced it was opening its first office in Manchester and would be moving into No.1 St Michael’s in spring. In October Channel 4 confirmed it was to take 12,293 sq ft of space at No. 1 St Michael’s. The scheme, set to open in late spring 2025, has been delivered by Relentless and investment firm KKR, supported by Manchester City Council. Bowmer & Kirkland started work on the building in January 2022. OBI Property, CBRE and Metis Real Estate are instructed to support Relentless with letting the commercial space, while Kuits Solicitors has provided legal advice. Gary Neville, director at Relentless Developments, said: “It was a huge leap of faith to speculatively-build a development in excess of 200k sq ft but we’ve always been confident in our ambition for the building. We spent a great deal of time understanding what modern occupiers want from an office and ensured we carefully selected the right amenities and F&B operators into the development. We also recognised sustainability was crucial and invested heavily in time and capital to ensure our ESG credentials met the aspirations of our tenants. “Achieving fully-let status ahead of completion is thanks in no small part to the world-class partners we’ve had supporting us along the way; KKR and Manchester City Council for remaining committed to our vision, our tenacious agent partners for marketing the scheme’s potential and B&K for the beautiful building we’ve created. I’d also like to thank all our tenants for their trust in our ability to set new standards in quality, aesthetic and experience for office working here in Manchester.” Nicky Barker, head of asset management in KKR’s European Real Estate team, said: "In today’s market, top tenants expect world-class sustainability, a prime location and distinctive amenities – these have become crucial drivers of long-term value. This was the vision we shared with Relentless when collaborating on the development of St. Michael’s, a vision now affirmed by the project's success in setting new benchmarks for Manchester’s real estate market." Relentless will soon launch another 80k sq ft of office space at the neighbouring No. 2 St Michael’s.

Commercial Property2025-04-03 10:08:32

Construction begins on new business units at Blackpool Airport Enterprise Zone

Construction has started at Blackpool Airport Enterprise Zone on 11 new business units – with four of them being snapped up even before completion. Prospect Development NW has started construction at plot 109, between Lancaster House and Lockheed Court on Amy Johnson Way, to bring both warehousing and office space to the 1.8-acre site. The project is slated for completion in autumn 2025. Four units have been sold while the remaining units are set to hit the market early next year. Along with the units, there will be car parking for 60 cars, with electric vehicle charging stations, alongside bicycle and motorcycle parking. A touch of green will be added by landscaping along Amy Johnson Way, reports Lancs Live. Cllr Mark Smith, the cabinet member for economy and built economy at Blackpool Council, said: "Blackpool Airport Enterprise Zone is becoming one of the North West's premier business destinations, supporting thousands of jobs for people on the Fylde Coast. Our commitment to invest in infrastructure such as the new road is creating an environment where the private sector is also investing in new business units, creating space for more companies to start and grow, and creating more jobs, boosting our local economy and making Blackpool better." An £18.5 million new road is set to open in 2025, paving the way for additional commercial development. Since its establishment in 2016, the enterprise zone has seen the development of over 200,000 sq ft of new accommodation and the refurbishment of an additional 176,500 sq ft. Currently, it houses more than 200 companies and some 4,000 jobs.

Commercial Property2025-04-03 10:08:32

From dentistry to the Yorkshire Dales: family firm changes career to acquire camping and guesthouse business

A family firm is swapping dentistry for tourism, after snapping up a Yorkshire Dales camping and guesthouse business. Peter and Teresa Wakefield have acquired Colman’s of Aysgarth, a 1.7-acre site set within the Wensleydale hills of Aysgarth offering boutique guesthouse accommodation, a touring caravan park and campsite, as well as residential accommodation they will now turn into their new home. The deal – completed for an undisclosed sum – represents a career change for Mr Wakefield and their son Harry, who have until now worked as dentists. Peter Wakefield will be managing the guesthouse business while his son manages the campsite operations. Newcastle law firm Hay & Kilner LLP acted for the Peter and Teresa Wakefield on their acquisition of the business, based close to the village of Aysgarth, Aysgarth Falls and a number of walking and cycling routes. The site is set along the Herriot Way, a popular four day, 52 mile walk, which runs through the lower end of the property, and it has been recognised with several awards, including Best Certificated Site, Warmest Club Welcome and Family Friendly Site in 2019 and Warmest Club Welcome 2022 by the Camping & Caravanning Club. Hay & Kilner’s corporate team provided legal advice on the acquisition to the couple, acting simultaneously for them in the sale of their home, which was used to part-fund the transaction. Peter Wakefield said: “We are absolutely thrilled to be the new owners of Colman’s of Aysgarth. It’s a complete career change from our former life in dentistry but we’re looking forward to our new life in the country and welcoming guests to this beautiful part of Yorkshire. As keen motorcyclists we also hope to attract bikers in the future and offer local tours. “Thanks to the team at Hay & Kilner for their support in allowing us the opportunity to purchase this wonderful site.” John Morgan, partner at Hay & Kilner, said: “We are very pleased to support Peter and Teresa on both the acquisition of the business and sale of their residential property demonstrating the variety of services that Hay & Kilner can offer. “This sale demonstrates that the hospitality and leisure sector remains buoyant and the demand for businesses in the sector continues despite the challenges around operating costs. We wish them well for their new venture providing quality accommodation for the Yorkshire tourist and leisure economy in a stunning environment.’’ David Lee of Christie and Co advised the sellers and they were represented by Ian Barker and Karolyn Scott of BHP Law.

Commercial Property2025-04-03 10:08:32

Landsec buys majority stake in Liverpool One shopping centre for £490m

Property giant Landsec has acquired a controlling stake of 92 per cent in Liverpool’s largest shopping destination, Liverpool One, as part of its strategy to expand its retail portfolio. The company purchased the stakes from the Abu Dhabi Investment Authority (Adia), which owned 69 per cent, and Grosvenor, which held 23 per cent, for a total of £490m. This acquisition follows months of negotiations, with Adia previously withdrawing from a £350m deal to sell its stake in Liverpool One to Landsec earlier this year. With this latest addition, Landsec's retail portfolio now encompasses seven of the top 30 centres in the UK, including Trinity Leeds and Bluewater in Stone, Kent, as reported by City AM. Landsec CEO Mark Allan expressed his delight at the purchase, stating it was an opportunity for the firm to capitalise on the trend towards high-quality physical retail spaces. "The top one per cent of the UK’s shopping destinations provide brands with access to 30 per cent of all in-store retail spend, which is why we continue to see brands focus on fewer, but bigger and better stores in the best locations," he said. "As such I am delighted that we have added another top-ten centre with a highly attractive return profile." Earlier this year, Landsec returned to profitability following a rebound in occupancy and rental income in London, again highlighting a particular trend from brands towards fewer, larger and superior stores, with "significant upsizes and lettings" from leading brands such as Primark, Pull&Bear, Bershka, Sephora and JD Sports. James Raynor, CEO of Grosvenor, commented: "[Liverpool one is] not only one of the most remarkable regeneration stories, re-defining what long-term investment and partnership can achieve, it continues to be one of the UK’s most successful retail and leisure destinations."