Re Wembley

Quintain Estates & Development PLC
04 June 2004



4 June 2004



        Quintain Estates & Development PLC ('Quintain' / the 'Company')



 LONDON BOROUGH OF BRENT RESOLVES TO GRANT PLANNING CONSENT FOR QUINTAIN'S 5.3
                       MILLION SQ FT WEMBLEY DEVELOPMENT


The board of Quintain announces that the London Borough of Brent last night
resolved to grant outline planning consent for the comprehensive redevelopment
of 42 acres of brownfield land at Wembley. Quintain owns 58 acres of land in
Wembley which surround, but do not include, the new National Stadium.



Quintain has achieved the resolution decision and reached heads of terms
agreement on the Section 106 after six months of intensive public consultation.
Further detailed discussions will now be held to finalise the Section 106
documentation and other aspects of the detailed planning agreements. The
application will also now be reviewed by the Greater London Authority and the
Government Office for London. Quintain estimates that these negotiations will
continue for a few months, but at this stage anticipates that its direct
contribution under the Section 106 agreement will be in the region of £22
million.



The proposed development, as outlined in the planning application submitted by
Quintain in October 2003, will dramatically enhance the experience of visitors
to the new National Stadium and Wembley Arena. It will, in addition, revitalise
the local community through the creation of 6,100 new jobs, 3,700 new homes, a
cinema complex, new leisure facilities, cafes, 366,000 sq ft of new retail
space, 82,000 sq ft of new community space, a 420 room hotel and 678,000 sq ft
of new office space.  Full details of the planning application are set out
below.



Commenting on the decision, Nick Shattock, Quintain's Property Director, said:



'This scheme will totally transform a vast brownfield site into a world leading
mixed-use and leisure development that both serves the local community and
provides the setting for the new National Stadium.



'This decision is another important step forward for Quintain and its specialist
regeneration projects. We have deliberately targeted schemes where there is an
urgency for regeneration and where, as a result of joined-up national, regional
and municipal government and intensive consultation, the planning timescales are
shortening. Obtaining the resolution to grant decision and reaching heads of
terms on Section 106 requirements after six months of consultation is a
significant achievement and echoes the timeframe Quintain and our partner, Lend
Lease were able to attain on the Greenwich Peninsula.'



                                      ENDS

For further information, please contact:





Quintain Estates and Development
Nick Shattock/ Rebecca Worthington
020 7495 8968



Financial Dynamics
Stephanie Highett / Dido Laurimore
020 7831 3113



Notes to editors:



'NEW WEMBLEY'



The Site



•         Quintain Estates and Development plc (Quintain) owns 58 acres of land
surrounding - but not including - the new National Stadium.



•         The first 44 acres was purchased in August 2002 for £48m and includes
the businesses Wembley Arena and Wembley Conference and Exhibition Centre, as
well as some other buildings within the site.  The planning application
submitted to Brent Council covers only 42 acres of this land.  A further 12
acres was purchased in April 2003 for £18m and includes the Palace of Arts and
the Palace of Industry.  The 2 acre site including York House office building
was acquired in November 2003.



•         This is a very large piece of land, which, including the Stadium site,
is the same size as the total area from Leicester Square to Trafalgar Square to
Covent Garden and all the land and buildings in between.



•         The site is connected by two underground stations, Wembley Park
(Jubilee and Metropolitan lines) and Wembley Central (Bakerloo line), and
overground rail services running from Wembley Central (Silverlink and Connex
services) and Wembley Stadium station (Chiltern services).  Significant
improvements to the stations and services are scheduled both as part of the
National Stadium plan and the wider investment now going into the tube network.



•         The land is an identified 'Opportunity Area' in the Mayor of London's
Draft London Plan and there is a strong vision from Brent Council published in
late 2002 in the document 'Our Vision for a New Wembley' which outlined an
aspiration for the area as follows:



-          A new modern, urban and exciting place with the National Stadium as
           its centrepiece

-          High quality, state of the art, leisure, business and retail
           facilities

-          A centre for work with a wide range of job opportunities

-          A mixture of quality housing

-          A world class destination providing a wealth of opportunity for local
           people



•         Wembley has always had a unique place in the UK's history as an events
and entertainment destination.  It hosted a major park, theatre and funfair in
the late nineteenth century, the British Empire Exhibition in 1924-5, the Empire
Games in 1934, the Olympics in 1948, the World Cup final in 1966, the Eurovision
Song Contest in 1978, the Euro96 Championships and much in between.



•         Wembley Arena is Europe's most successful Arena.  It will host 140
events this year with recent concerts including the Rolling Stones, Bob Dylan,
David Bowie, Elton John and Justin Timberlake.



•         In early 2006, the new National Stadium will open.  It is 21/2 times
larger than the old stadium and its Arch will stand 140 metres above its
concourse - large enough to roll the London Eye underneath.  Its scale requires
an appropriate setting as well new local facilities so that the area can benefit
economically from Wembley's millions of visitors each year.



•         Including its interests in the Greenwich Peninsula, Quintain now owns
or has joint venture interests in 257 acres of land identified by the Mayor of
London as 'Opportunity Areas'.





The Planning Application



•         On 31 October 2003, Quintain submitted to Brent Council an 'outline'
application for a Masterplan covering 42 acres surrounding the National Stadium.
  If approved by the Council it will also need to be considered by the Mayor of
London as a strategic development.



•         As an 'outline' application, it seeks to create the parameters within
which the regeneration will be taken forward - such as land use, public realm
and building heights - but does not provide for detailed building design at this
stage.



•         The application does however seek no reserved-matters for the
provision of the coach and car parking for the National Stadium.



•         Separate applications for the creation of Arena Square (see below) and
the refurbishment and modernisation of the listed Wembley Arena have also been
submitted to Brent Council.



•         Quintain has held extensive pre-application local community
consultation since June 2003, bring the plans directly to over 6,400 people at
public exhibitions, visiting local groups, meetings and events and making the
information available on the internet, in local libraries and at places of
worship.



•         Quintain organised one exhibition to support the Council's
consultation, which included displaying a model of the proposed development and
making available all of the planning application materials.



•         There is clear local support for Wembley's regeneration - people want
to see change and want to see it happen quickly.





The Masterplan



Designed by Richard Rogers Partnership, the Masterplan provides for around 5.3
million square feet of development, with 60% of the site as open space,
delivering:



•    6,100 jobs

-    To create a sustainable economic heart during the day as well as in
     the evening and offering long-term employment.

-    These are in addition to the 1,600 construction jobs created.

-    Currently the site provides the equivalent of only around 670
     full-time jobs.



•    Homes for 8,500 people & 40% affordable housing

-    3,727 new homes providing a range of studios and 1, 2, 3 and 4
bedroom apartments at first floor level and above, around a series of
residential courtyards.

-    The application includes 40% affordable housing - 38% on-site plus
the equivalent of a further 2% off-site for larger affordable homes.  The exact
tenure mix will be agreed as part of the planning process.

-    In addition, there is student accommodation for 554 students; 90
nursing home bed spaces; plus 20 bed spaces for people with special needs /
supported housing.



•    Wembley Park Boulevard

-    As wide as Regent Street, with a range of restaurants, cafes, bars,
leisure facilities, shops and a hotel opening out onto tree lined pavements.

-    This will be pedestrianised and closed to through traffic, apart from
taxis, cyclists and buses - the first time public transport has penetrated the
heart of this site.



•    Arena Square

-    Comparable in size to Leicester Square with the feel of Covent Garden
and providing a spectacular setting for the refurbished Arena.



•    Stadium Piazza

-    The area immediately surrounding the new Stadium.

-    Providing more public space with cafes, bars and community uses.



•    A new cinema and other leisure facilities

-    160,000 square feet (14,800 square metres) for new leisure facilities.

-    Focused in a new building at the northern end of Wembley Park
Boulevard, providing a major new facility for Brent and London, including a new
multiplex cinema and other facilities such as ten pin bowling, bingo and a
nightclub.

-    Plans also include a skate-park or climbing wall.



•    New shops - designer stores, sports retailing and local shops

-   These will be designer outlets (153,000 square feet / 14,200 square
metres), sports retailing (127,000 square feet / 11,800 square metres) and
stores for the local community living and working on the site (86,000 square
feet / 8,000 square metres).

-   These will reflect the diversity of the local population and
encourage more shoppers to existing centres such as Wembley High Road.



•   New restaurants, cafes and bars

-   137,000 square feet (12,700 square metres) for new restaurants, cafes
and bars.

-   Providing a range of quality and value eating and drinking with a
wide choice to suit different tastes and cultures.



•   New community facilities

-   88,000 square feet (8,200 square metres) of space for community
facilities.

-   These could include creches and nurseries, health provision and
doctors' surgeries, and space for arts, sports and cultural activities.



•   A new future for Wembley Arena

-   Over £20 million to refurbish and update Wembley Arena - Europe's
most successful arena with 140 events this year - restoring its original
architecture.

-   This will include creating a spectacular new entrance for the
building onto Arena Square (currently the entrance of Wembley Arena faces onto
the road).



•   New offices and workspace

-   678,000 square feet (63,000 square metres) of office space.

-   To attract a range of small companies and large businesses alike,
particularly in growing sectors such as business services and the creative
industries.



•   A new hotel

-   A flagship new 420 bedroom, international standard hotel, providing a
dramatic setting for the Stadium entrance bordering Arena Square.



•   Parking

-   Quintain is under contact to Wembley National Stadium Limited to
deliver up to 2,900 car and coach spaces for the National Stadium.

-   Residential parking will be provided at less than one space per
apartment to reflect the excellent public transport infrastructure and the low
level of expected car ownership.  Parking will be actively managed to ensure
appropriate use and minimal impacts on and off site.  Visitor and public parking
will be charged.

-   In the longer term, parking will be away from view, making use of
good design and the various different levels on the site to 'hide' the vehicles.

-   Detailed traffic management, parking and signage strategies are also
now being developed in liaison with the owners of the new Stadium, the Police
and Brent Council.



•   With two exceptions, all buildings are 8-14 storeys high.  One
building is 21 storeys and one is 27 storeys - the only building taller than the
stadium although not as tall as its arch.



•   Quintain will retain management of the entire area and actively
encourage the open spaces to be used for music, theatre, cultural, community and
other public events and festivals.



•   This is a ten to twelve year regeneration programme.  By the time the
new Stadium opens and subject to planning permission, Quintain want to have
already created Arena Square with some restaurants, cafes and shops open.  This
first phase will include the refurbishment of the Arena, starting work on the
hotel and delivering the Stadium parking.



•   Across the Stadium, Arena, shops and leisure facilities, some 5
million people a year will visit Wembley.  Quintain's proposals will be
responsible for £170m extra being spent in the local economy each year.





About Quintain Estates and Development plc



•   Quintain Estates and Development plc is a fully quoted property
company in the FTSE 250 that develops and invests across the UK in all property
sectors.  Incorporated in 1992 and floated in 1996 it has grown significantly
with a track record of successful developments and investments.



•   Quintain's current net worth is around £450 million with gross assets
in excess of £750 million.  With a core focus on the mainstream sectors of the
commercial property market, Quintain also has strong expertise in less
traditional undertakings such as social housing, student accommodation,
hospitals and nursing homes.



•   Quintain also has an extensive portfolio of existing development
opportunities.   Along with Lend Lease, Quintain has completed a joint venture
agreement with English Partnerships to regenerate 190 acres of the Greenwich
Peninsula and deliver a long term solution for the Dome.  This includes the
delivery of 10,000 new homes including 38% affordable housing.



•    In addition, Quintain has recently entered into a joint venture
agreement with Countryside Properties PLC to develop a prominent 9.4 acre
brownfield site adjacent to the existing Merton Abbey Mills Market in Colliers
Wood, London SW19.





The Project Team



The team who have worked on the Planning Application have included:



•         Masterplanners - Richard Rogers Partnership
•         Planning Consultants - Gerald Eve
•         Planning Project Management - RPS Consultants
•         Public Consultation and Communications - London Communications Agency
•         Transport Engineers - Buro Happold
•         Property Consultants - FPD Savills
•         Lawyers - Nabarro Nathanson and S J Berwin
•         Regeneration Consultants - Hunt Dobson Associates
•         Heritage Consultants - Anthony Blee Associates
•         Environmental Consultants - RPS
•         Cost Consultants - EC Harris




                      This information is provided by RNS
            The company news service from the London Stock Exchange