Greenwich Peninsula Investor and Analyst Day 12 March 2013 Quintain Estates and Development PLC

Transcription

1 Greenwich Peninsula Investor and Analyst Day 12 March 2013

2 Agenda Maxwell James Chief Executive Anthony Gill Development Director, Greenwich Overview Greenwich Peninsula 2

3 Quintain Strategy Delivering a leading London development and investment specialist Corporate Portfolio Growth Creating the platform to perform Recycling of circa 300m of capital ( 145m completed to date) De-leveraging to < 400m Strengthening management team Knight Dragon JV Delivering place and profit Opening LDO (Q3 2013/14) Commencing Greenwich residential marketing (Q3 2013/14) Commencing Wembley residential marketing (Q4 2013/14) Positioned for opportunity De-leveraging to < 300m Development returns Shareholder returns months from September

4 Quintain 2014 A leading London development and investment specialist Corporate Portfolio Growth Greenwich 2014 Southern Quarter under construction Peninsula Quays consented Wembley 2014 Phase One complete London Designer Outlet open Destination Wembley Residential under construction Wembley on the map Investment Asset Management income Fee streams expanded 4

5 Investment Strategy: Layering Approach Hotel Residential Assets / Destination Retail Office Education Leisure Potential to repeat Site / Infrastructure Infrastructure Planning Site Preparation Site Purchase / Aggregation Time 5

6 Creating a Platform for Residential Success Proximity to existing neighbourhoods Creation of virtuous circle 2. Identity and vitality 1. Location and infrastructure 3. Entertainment, recreation and living Transport links / accessibility (public) Parks, river, attractions Branding / market positioning Activity / footfall Association and loyalty A great place to visit A great place to live A great place to work 6

7 Investment Rationale M1 Sub-urban M11 M40 Wembley Urban Prime King s Cross M25 Eastern value corridor M4 Western value corridor Earl s Court Super Prime Prime Greenwich Peninsula Stratford Nine Elms Urban M3 M25 Sub-urban 7

8 Greenwich Peninsula in Context Olympic Park The City Canary Wharf Peninsula Quays Excel Centre Southern Plots City Airport 8

9 Greenwich Masterplan Square Foot (m) 10 8 Consented Developed/Under Construction Office Retail/Leisure Residential Hotel/Student Other 9

10 Leisure and Entertainment 10

11 Education 11

12 Offices 12

13 Restaurants 13

14 Retail 14

15 Public Realm 15

16 Residential 16

17 July 2012: New Joint Venture Partner Knight Dragon becomes Quintain s new partner 300m of capital committed Increased drive, ambition and scale of development Quintain retains a 40% stake New development management income stream for Quintain 17

18 Greenwich Peninsula Anthony Gill: Development Director, Greenwich

19 Site Ownership Structure Two major landowners GPRL (the developer) acres GLA (HCA) 95.8 acres GPRL has development rights to the combined site Overage split between landowner and developer 19

20 Memorandum of Understanding July 2012 Five plots: two at Peninsula Quays two in North East one in Southern Plots 1,417 units: 1,099 private 318 affordable 20

21 The New Strategy 11 residential and two nonresidential plots covering 25 acres: seven in the South four at Peninsula Quays 2,963 apartments: 2,320 private 643 affordable Retail, restaurants and two high quality hotels Service and community facilities Key Built 280-room student accommodation Proposed 11-Plot MOU Central Park Delivery over seven to ten years Student Accommodation 21 Non-residential

22 The Vision To create a new world-class riverside urban village in London 22

23 Delivery: First Six Months 11-plot MoU agreed Three Southern Plots planning applications submitted S106 re-negotiated Land deal re-negotiated Planning consent for three residential plots and 11-plot S106 agreed Application for outline consent submitted for Peninsula Quays 23

24 Anticipated Delivery 2013/14 Q2/Q3 2013: Outline planning decision for Peninsula Quays Q2/Q3 2013: start of construction of residential in Southern Quarter Q3 2013: first reserved matters application for Peninsula Quays Q4 2013: potential detailed approval for first Peninsula Quays plot 2014: start construction at Peninsula Quays 24

25 Risk Mitigation Land ownership within the JV s control to drawdown when needed Forward sale of affordable housing 51m of grant Sales and marketing strategy targeting traditional private pre-sales mix of private, UK and international purchasers Design and construction procurement full risk transfer to contractor via design and build contract based upon Stage E design Infrastructure 25

26 Infrastructure Implement AEG access-related TSI works Secure agreements to enable GPRL to supply infrastructure and then E-on to implement the Low Carbon Energy Strategy Design central marketing hub Determine location of ferry piers Progress utilities upgrade 26

27 Initial Phases Peninsula Quays 13.5 acres Four residential plots Two non-residential plots Southern Quarter 11.8 acres Six GPRL residential plots One Bellway building One Zenprop building 27

28 Two Groups of Development Plots Peninsula Quays Southern Plots 28

29 Greenwich Peninsula, Target Customer Affluent Canary Wharf workers (purchasing a pied-à-terre Affluent central London workers (20minutes from the West End and the City) UK investors (targeting London s new regeneration areas) Overseas Purchasers (weak has boosted demand) Domestic downsizers Canary Wharf Workers (one stop from Canary Wharf) Greenwich workers (reduce commute) GMV residents (particularly thise seeking to trade up to a higher quality and more convenient location) Investors (entry level prices into a regenerationled growth story) Overseas Purchasers (often with children seeking a UK education) Peninsula Quays Southern Plots 29

30 The Southern Plots, Phase 1

31 The Southern Plots 10 plots: M0102 City Peninsula developed by Bellway (PC 2011) M student housing under construction (Zen Prop) M to be sold remaining six plots will be GPRL residential development in two phases 50% of the seven residential plots will be affordable housing 31

32 The Southern Plots, Phase 1 MO units 92 private 109 affordable 32

33 The Southern Plots, Phase 1 M units 64 private 80 affordable 33

34 The Southern Plots, Phase 1 M units 67 private 94 affordable 34

35 35

36 The Southern Plots, Assumed Sales Values CQ: psf New Festival Quarter: psf Maple Quays: psf Marine Wharf: psf Southern Plots: psf City Peninsula: psf GMV: psf Greenwich Wharf: psf Greenwich Square: psf 36

37 Peninsula Quays

38 Peninsula Quays: Mixed-Use Urban Village Residential: 1,683 dwellings convenient for affluent Canary Wharf or City workers high quality public realm and connection to the tube 0% affordable housing 38

39 Peninsula Quays: Mixed-Use Urban Village Hotels: two 200-bed luxury hotels assist in establishing pricing of the residential convenient for guests to The O2, Conference Centre, Canary Wharf, Excel and City Airport 39

40 Peninsula Quays, Mixed-Use Urban Village Retail and restaurants: shops located around the two anchor hotels restaurants facing the Thames river views residential amenity to include gyms, swimming pools, crèche, business lounges and cinema 40

41 Phasing 41

42 42

43 Peninsula Quays, Assumed Sales Values New Providence Wharf: psf The Landmark: 520-1,050 psf Pan Peninsula: 590-1,600 psf Peninsula Quays: psf Indescon Court: 600-1,050 psf New Capital Quay: 395-1,075 psf 43

44 Peninsula quays Comprises: 13.5 acres c. 1.2 m sq ft of private residential (circa 1,640 homes) (green shading) 0% affordable Housing Associated residential amenity space 960 private car parking spaces (0.6 ratio) Two luxury hotels / offices (pink shading) c. 66,000 sq ft of retail / restaurant / leisure High quality public realm and connection to tube 44

45 Creating Greenwich Peninsula Southern Plots London s cable car Peninsula Quays Retail and entertainment High quality homes Iconic architecture Riverside living Excellent connectivity Superb views 45

46 Appendix

47 The Southern Plots, Phase 1 Plot Reference Private Affordable Total MO M M M Total