Wembley Park in north London is to host Britain’s largest Build To Rent scheme yet after Quintain revealed a programme for 5,000 PRS homes around the National Stadium
It also aims to be Britain’s fastest residential construction project; with funding and planning secured, 3,000 of the homes will be under construction by the end of 2017.
The 5,000 homes will all be under Quintain’s ownership and will be delivered in phases over the next seven years. They will be available through Quintain’s Build To Rent specialist ‘lifestyle’ company called Tipi.
Tipi already manages 141 apartments at Wembley Park which are fully let.
Quintain’s marketing of the scheme and the brand emphasises that Tipi tenants pay no agents’ 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 management “means tenants do not need to search out an absent landlord or managing agent” the firm says.
In addition to the 3,000 homes under construction by the end of this year there will be a new seven acre public park, a new landscaped square, a three-form entry primary school plus shops, restaurants and workspaces.
The scale of funding of this kind of scheme shows the size of the gauntlet thrown down to buy to let by the burgeoning Build To Rent sector.
Quintain has already invested £900m at 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 over 8,500 permanent new jobs across a range of sectors, in addition to the jobs created during construction.
“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” claims a bullish Angus Dodd, chief executive of Quintain.
“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 ... We are creating a 21st century great estate for London” he says.