£65M boost for UK’s largest Build to Rent site
Housing Minister Alok Sharma has announced a £65M boost for Wembley Park, the biggest development of homes built specifically for private rent in the UK.
The development in Brent is one of the largest strategic regeneration projects in the country, and this new government deal will help to unlock over 7,600 new, high quality homes, with at least 6,800 of these homes for rent.
The regeneration will boost housing choices for Londoners following widespread support for government proposals to open up the choice of rental properties on the market, to help those currently priced out.
The measures include:
- changing planning rules so councils proactively plan for more Build to Rent homes where there is need
- making it easier for Build to Rent developers to offer affordable private rent in place of other types of affordable home
- introducing longer tenancies which are more family friendly to provide better security for renters.
Across England the Build to Rent sector is expanding, with 80,855 homes either completed or planned and estimates that the industry could grow to £70Bn by 2022.
Housing and Planning Minister Alok Sharma said: “Whether renting or owning all families should have the security they need to be able to plan for the future.
“That’s why as part of our plan to fix the broken housing market we’ve been taking action to create a bigger and better private rental market, supporting new Build to Rent developments so that tenants can have greater choice.
“Developments like Wembley Park are a great example of doing just that, boosting the choice and quality of homes on the market – meeting the needs of renters in cities and towns across England.”
Homes and Communities Agency (HCA) Chief Executive Nick Walkely said: “This autumn, the HCA will relaunch as Homes England with the ambition of creating a better housing market. We’re determined to get more homes built now and increase the rate of future development.
“This development is a fantastic example of how we fund vital infrastructure to speed up the construction of much-needed quality homes for people to rent.”
Quintain Chief Executive, Angus Dodd said: “This £65M government loan will be match funded by Quintain to provide a £130M infrastructure investment into Wembley Park to deliver new car and coach parking, an energy centre and the first phase of the new seven acre public park. Not only will this funding allow these critical elements to be brought forward, it will also support the more rapid delivery of new homes.
“We are delighted to welcome the Housing Minister to Wembley Park today. The area is already home to a thriving community and will become the largest build to rent development anywhere in the UK.”
Work on the new homes at Wembley Park has already begun and is set to be completed in 2026. Backed by a loan from the government’s £3Bn Home Building Fund, the development will bring over 8,000 jobs to the area and support infrastructure to free up land for development.
The project will be delivered in phases over the next seven years, including a mix of properties from studios, to one-, two-, and three-bedroom properties, all located closely to the underground station. The site next to the National Stadium will also include up to 2,350 affordable homes.
Image: Computer enhanced image, indicative only. Wembley Stadium is the property of The FA Group and run by Wembley National Stadium Limited, a subsidiary of The Football Association.
If you would like to read more articles like this then please click here
- Construction firms not prepared for Brexit
19 Oct 17
Only a third of actions undertaken to prepare for leaving the EU.
- CPA sets out recommendations to the Chancellor
19 Oct 17
Chief Executive of the CPA writes to the Chancellor with the association's recommendations.
- PM and housebuilders discuss crisis
19 Oct 17
The Prime Minister met with housing developers, associations and local government to discuss housing supply.