Quintain hit by residential property fears
Property regenerator Quintain Estates has taken a 5 per cent writedown on the value of its property portfolio, as fears surrounding residential property values in Wembley and Greenwich take hold.
More than half of the valuation deficit came from a £34.5m write down on its Corsham Street scheme, which was sold at cost to Quintain’s iQ student accommodation fund. However, the valuation of its key Wembley mixed use development fell 2.7 per cent reflecting lower growth expectations for residential values. In the period, £8.8m of residential sales were agreed at Wembley City, the designer outlet centre is already 25 per cent pre-let and a £10m land sale was made to Brent Council.
At Greenwich, Quintain’s other major regeneration project, values dipped by 1.6 per cent in the period, driven by a similar sentiment. Overall, the group made sales of £63.5m, including the Pier Walk office building in Greenwich, at a 6 per cent premium to its last valuation …