Quintain’s investment at Wembley Park has passed £1bn for the first time, as the company commits to take it past £2bn.
The company says it is continuing to drive forward the transformation of the 85-acre north west London estate, and is committed to significant further investment over the next five years at Wembley Park – doubling what has already been spent on site.
Quintain’s build to rent business, Tipi, has launched its next wave of 120 rental homes at Wembley Park, which will be part of Quintain’s 362 home Alto development (pictured above). This latest Build to Rent scheme also comes complete with indoor and outdoor social spaces – including a shared kitchen for dinner parties and cooking demo’s, a lounge with break out areas for home-workers, a gym and a rooftop terrace with BBQ and 360 views of Wembley Stadium and across London.
This comes weeks after Housing Minister Alok Sharma visited Wembley Park to announce a £65m government loan – which will be match funded by Quintain – to provide a £130m infrastructure investment into Wembley Park. The infrastructure loan will help to speed up the delivery of housing at Wembley Park which will become the UK’s largest build to rent development.
Quintain says it is now spending £1m per day on construction making Wembley Park one of the UK’s biggest construction sites. At the peak of construction there will be over 3,500 workers on site and on completion around 8,500 people will have worked on the site. During 2017 3,000 new homes will be under construction at Wembley Park, delivered at a pace not seen at any other London development site.
To guarantee construction capacity, Quintain has a construction framework in place made up of Sisk, Wates and McLaren.
Angus Dodd, Chief Executive of Quintain commented: “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. During this time we have secured planning consent for the Wembley Park 7,000 home Masterplan; secured an £800m debt funding facility and £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 £1bn spend to date at Wembley Park has included 1,000 new homes, new outdoor spaces and a public playpark; renovation of Wembley Arena; student accommodation, a 361 bed Hilton hotel, and London’s first Designer Outlet centre (LDO) which includes 50 high street outlet stores, 20 restaurants and bars, and a 9‐screen Cineworld cinema; as well as land purchases and site wide infrastructure.
Future spend at Wembley Park, estimated at £2bn, will support the delivery of a further 6,000 homes across a wide range of tenures, the majority available to rent; 1 million sq ft of Grade A office and work space; 250,000 sq ft of new shops and restaurants; 42 acres of public realm; including a new London Square and a brand new seven acre park; and new community hubs, medical facilities and learning spaces.
The 120 rental homes completed in August will bring the total number of build to rent homes at Wembley Park to 261. By the end of 2019 there will be 1,000 homes available to rent on site, under the Tipi brand. In total over 7,000 new homes will be delivered at Wembley Park, including 5,000 build to rent and 2,300 affordable.