Wembley Park will be the largest single-site purpose built PRS (private rental sector) development anywhere in the UK after Quintain today announces its intention to deliver the remaining private homes at Wembley Park as build to rent. 5,000 homes for rent will be available at Wembley Park, all under Quintain’s ownership, and will be delivered in phases over the next seven years.
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 21stcentury 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.”
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.”
The Tipi apartments, 141 of which are already complete and occupied, are available furnished, part-furnished or unfurnished, with communal lounges, gardens, roof terraces, gyms, secure underground parking and cinema rooms. All apartments have fibre optic broadband offering ultrafast speeds of up to 1Gb/s and free Wi-Fi coverage across the estate. There is a programme of social events and activities both within each building and across Wembley Park creating a friendly, inclusive community. Residents also benefit from access to SSE Arena tickets, a community hub running 40 activities a month, and further discounts at London Designer Outlet. More social, cultural, rental and sharing lifestyle services will be announced as Wembley Park develops.
The new homes are proving to be popular for people at all stages of life, from students, key workers, professionals and millennials and more than a quarter of the existing residents are aged 40 and over. There are families, students, young couples, singles and sharers, empty-nesters and people from all walks of life both from the UK and overseas.
Quintain’s commitment to build to rent also has financial backing as the company announced in November 2016 an £800 million financing facility. With planning permission secured, funding in place and Tipi already successfully managing build to rent homes at Wembley Park, Quintain is now able to deliver these new homes rapidly.