Out-Law News 1 min. read
30 Nov 2011, 4:21 pm
"We have made substantial progress [at Greenwich Peninsula] agreeing improved terms regarding the quantum of affordable housing in the next stage of development, which will unlock and accelerate residential development on the scheme," the company said in its half year report (43-page / 373KB PDF).
Outline planning permission was originally granted by the London borough of Greenwich in 2004. Market conditions have changed substantially since then and it has been necessary to carry out an in depth review of its projects, the company said.
Following a review the company said it was "now confident that [it] can move forward with the delivery of the next 1,300 homes with affordable housing provision of 25% rather than the 38% originally imposed".
Quitain is going to build around 500 of the homes at Peninsula Quays and plans to sell the remainder of the plots. This news comes as the developer announces its return to profit.
Releasing interim results for the six months to 30 September 2011, the firm also said it had "conducted an in depth review of the masterplan for Peninsula Quays in order to ensure maximum value across the 3,000-home site".
Detailed planning applications are now being compiled regarding the first two blocks, which it hopes will be submitted next summer.
Quintain plans to start construction after the Olympics, with the first occupants moving into Peninsula Quays in the spring of 2014.
The firm said it had also made progress on its other major development scheme, the regeneration around Wembley stadium. On this scheme it has reduced the affordable housing requirement from 38% in the original permission to 10% today, Quintain said.
