Quintain – which reports it is now spending £1m per day on construction at Wembley Park – is committed to significant further investment over the next five years, doubling what has already been spent on the site.
Tipi – Quintain’s build-to-rent business – has launched its next wave of 120 rental homes at Wembley Park, which will be part of Quintain’s 362-home Alto development.
This latest build-to-rent scheme comes complete with indoor and outdoor social spaces – including a gym and a rooftop terrace with BBQ and 360-degree views of Wembley Stadium and across London.
Quintain’s milestones have come just a few weeks after the housing minister Alok Sharma visited Wembley Park to announce a £65m government loan – which will be matched by Quintain – to provide a £130m infrastructure investment into Wembley Park.
The infrastructure loan will be used to help speed up the delivery of housing at Wembley Park, which is set to be the UK’s largest build-to-rent development in the UK.
Over 3,500 workers will be on site at the peak of construction, and around 8,500 jobs will have been created upon completion.
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An apartment block at Wembley Park
During 2017, 3,000 homes will be under construction at Wembley Park.
“In just two years since Lone Star purchased Quintain, we have successfully de-risked the business, which has enabled us to commit this significant sum towards the continued transformation of Wembley Park,” said Angus Dodd, chief executive of Quintain.
“During this time, we have secured planning consent for the Wembley Park 7,000-home masterplan; secured an £800m debt-funding facility and a £65m infrastructures loan; and switched our business strategy from build-to-sell to build-to-rent.
“We are convinced it is right to move ahead with more construction and investment at Wembley Park.
“There is a severe shortage of homes in London, so we believe demand will hold up – particularly for our rental offer – and on the office front we offer rents which are significantly cheaper than the West End in a location which is just 12 minutes from Baker Street.”
The 120 rental homes completed in August will bring the total number of build-to-rent homes at Wembley park to 261, with 1,000 homes expected to be available to rent by the end of 2019.
Once completed, over 7,000 new homes will be delivered at Wembley Park, including 5,000 build-to-rent and 2,300 affordable.