Chairman Nigel Ellis said the company delivered a total return of 21%, or 19% net of inflation, which compares with a target of 10% net of inflation. Quintain also outperformed the benchmark Investment Property Databank index, producing an ungeared return of 15.2% compared with the IPD return of 9.5%.
Ellis said the growth had been driven by a valuation uplift on the properties bought from Chesterfield and on the Meridian Delta site at North Greenwich in South-East London. The Meridian Delta site is next to the Millenium Dome and is therefore politically sensitive. For this reason, a planning application for up to 4 million sf of mixed use development has been put on hold while talks continue with both central and local government over a wider initiative for the Greenwich Peninsula.
Quintain's chief executive Adrian Wyatt forecast that Quintain could emerge as a partner in building a new district of London comprising as much as 12 million sf of mixed use property - one of the largest urban developments in Europe.
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