Wembley Park is set to become the largest build-to-rent development site in the UK after Quintain announced a programme for 5,000 private rented sector (PRS) homes around the national stadium.
With funding and planning secured, construction will also be at a pace not seen at any other major development site, with 3,000 homes under construction by the end of 2017 and the homes built over seven years.
The announcement comes as the government announced plans in its White Paper to encourage construction of homes for private rent to be included in local authorities’ local plans.
The homes will be available through Quintain’s build-to-rent business, Tipi, the lifestyle-focused rental company (www.tipi.london) which was launched in April 2016.
Tipi already manages 141 apartments at Wembley Park which are fully let. Tipi tenants pay no agent’s fees, no inventory fees, a reduced deposit and all their utility bills and ultra-fast broadband are included in the rent. Onsite management means tenants do not need to search out an absent landlord or managing agent. Tipi will also manage those homes available at a discounted rent as part of the affordable housing package.
The new homes will be delivered alongside a new seven acre public park, a new landscaped London square, a three-form entry primary school and a wide range of shops, restaurants and workspaces to complement the existing Wembley Park shopping and entertainment offering. Quintain’s next Tipi apartment building will be available for occupation this summer.
Quintain has already invested £900m in the transformation of Wembley Park and has a further £800m of funding secured, with planning permission in place. It is expected that on completion, Wembley Park will have created more than 8,500 permanent new jobs across a range of sectors, in addition to the jobs created during construction.
Angus Dodd, chief executive of Quintain, said: “Our commitment to build to rent at Wembley Park means we can deliver the homes London needs far faster than if we were selling homes privately and ensures they will be occupied very shortly after they are complete, contributing to the wider borough of Brent.”
Sadiq Khan, mayor of London, said: “This development will provide 5,000 much-needed private rented homes for Londoners. It will take time to fix the housing crisis, but at City Hall we are committed to help deliver schemes like this that will increase the supply of homes across the capital.”
Cllr Muhammed Butt, Leader of Brent Council, said: “To have 3,000 new homes under construction in one location this year shows just how in demand Wembley Park is as a place to live and it is comforting to know that with professional management in place, we won’t have a single rogue landlord.
“I have been hugely impressed with the quality of homes being built at Wembley Park and Quintain has also made a huge investment to upgrade all the public spaces around the area to bring the place alive with events, shops, workspaces and other attractions.
“Wembley Park is a huge success story for Brent, bringing real benefits to our residents and visitors and a new economic engine to the area and I would urge all Londoners to take a look at the area which has been transformed over the last decade.”
