UK's largest PRS scheme launched at Wembley
A developer has announced plans for the UK’s largest PRS development site at Wembley Stadium, as the government prepares to launch its long-awaited Housing White Paper.
The new 5,000-home rental development will be delivered by development and investment company Quintain, in phases over the next seven years. The White Paper, due later today, will introduce measures aimed at expanding the UK’s burgeoning Build to Rent sector.
The properties will be owned by Quintain and let through the developer’s rental company Tipi, which currently manages 141 homes at Wembley Park.
Angus Dodd, chief executive of Quintain, said: “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.”
The developer will have 3,000 of these homes under construction by 2017.
Quintain has already invested £900m in the regeneration at Wembley Park and has a further £800m of funding secured, with planning permission in place.
The site as a whole will deliver just under 7,000 homes, with 733 for sale, 325 for sale at discount rates, 417 for shared ownership and 606 for social rent.
