London’s Quintain to deliver 5,000 rented homes at Wembley Park development site
Quintain, the London-focused development and investment company, announced its intention to deliver nearly 5,000 rented homes at its landmark Wembley Park development site , all under Quintain’s ownership.It will be delivered in phases over the next seven years.
The company said that Wembley Park would be the largest single-site purpose built PRS (private rental sector) development anywhere in the UK.
These homes will be available through Quintain’s build to rent business, Tipi, the lifestyle-focussed rental company which Quintain 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. Tipi’s on-site professional 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 at a pace not seen at any other London development site. By the end of 2017, there will be 3,000 homes under construction, 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 £900 million in the transformation of Wembley Park and has a further £800 million of funding secured, with planning permission in place. It is expected that on completion, Wembley Park will have created over 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.
“This long term commitment also means we can design homes specifically for the needs of today’s generation of renters and provide fantastic shared facilities and professional management arrangements which our residents love. We will ensure no apartment is left empty.
“Wembley Park is already a destination alive with activity and experiences and we are constantly improving and enhancing what is on offer. With Tipi’s services, superb new buildings, brilliant transport connections, London Designer Outlet and major events venues literally on the doorstep, we firmly believe Wembley Park will be the best place to rent in London.
“Quintain owns the entire 85 acre site – a huge area in the context of London – allowing us to deliver in a co-ordinated manner the apartments, the parks, the outdoor spaces and the commercial, retail and entertainment uses which are such an integral part of Wembley Park. We are creating, a 21st century great estate for London, in tune with what all Londoners want today and enhancing and 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.”