Quintain’s CapEx at Wembley Park exceeds £1bn as next wave of rental homes launched

Quintain’s CapEx at Wembley Park exceeds £1bn as next wave of rental homes launched

29 Aug 2017

Quintain’s investment at Wembley Park has passed £1bn for the first time as the company continues to drive forward the transformation of the 85-acre north west London estate. Quintain is committed to significant further investment over the next five years at Wembley Park – doubling what has already been spent on site.

Meanwhile 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. In addition to Tipi’s no fee rental package and all-inclusive utilities offering, this latest Build to Rent scheme also comes complete with indoor and outdoor social spaces – including a unique shared state of the art 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 unbeatable 360 views of Wembley Stadium and across London.

These milestones come just 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 in the UK.

Quintain 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 upon completion c. 8,500 jobs will have been created. 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 capacity, Quintain has a construction framework in place made up of Carillion, Sisk, Wates and McLaren, supplemented by other plot specific contractors such as McAleer & Rushe and O'Keefe.

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;
  • Substantial renovation of SSE Arena, Wembley;
  • Student accommodation, 361 bed Hilton hotel and new parking facilities;
  • London’s first Designer Outlet centre (LDO) which includes 50 high street outlet stores, 20 restaurants and bars, and a 9‐screen Cineworld cinema;
  • 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;
  • New community hubs, medical facilities and learning spaces;
  • Long term parking facilities.

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.

-ends-

Media Contacts:

Harriet Pask, Quintain

Telephone: +44 (0) 20 3210 2200

Email: [email protected]

Anna Mitra, London Communications Agency

Telephone: +44 (0) 20 7291 1507

Email: [email protected]

Helena Carrie, London Communications Agency

Telephone: +44 (0) 20 7612 8496

Email: [email protected]

About Quintain:

Quintain is the London developer behind the transformation of Wembley Park in north west London. Established in 1992, Quintain acquired its interest in Wembley Park in 2002. To date, the 85-acre development has seen £1bn invested and welcomed over 11 million visitors last year and 1,800 residents. The site currently comprises The SSE Arena, Wembley which Quintain refurbished and reopened in 2006; London Designer Outlet, which includes 70 high street outlet stores, restaurants, bars, coffee shops and a 9‐screen Cineworld cinema; a 361 room 4 star Hilton Hotel and 1,000 new homes. Brent Civic Centre was built in 2012 and Wembley Stadium, owned by the FA Group, is a close neighbour.

In 2016 Quintain launched Tipi, the lifestyle-focused rental operator which offers an all-inclusive rental package to those seeking an easier way to rent in the capital. Between now and 2022 it is expected that a further £2 billion will be invested at Wembley Park as Quintain develops around 1 million square feet of office and workspace and a further 6,000 homes, across a broad range of tenures, which will make a significant contribution both to Brent and London’s housing need. During 2017 alone 3,000 homes will be under construction.

Wembley Park already benefits from wide boulevards and attractive public spaces – new parks and public realm will bring the total area of open spaces to around 42 acres. Wembley Park has excellent transport connections to central London via the Jubilee and Metropolitan tube lines from Wembley Park and overground from Wembley Stadium station. It is just nine minutes from Marylebone and 12 minutes from Baker Street and recently welcomed the Night Tube.

www.quintain.co.uk

www.tipi.london

www.wembleypark.com

www.londondesigneroutlet.com

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