Quintain is set to build 5,000 private rented sector homes in Wembley Park, around the national stadium, soon to be the largest build to rent development site in the UK.
According to the developer, now that funding and planning has been secured, 3,000 homes will be under construction by the end of 2017, and over the next seven years, the remaining 5,000 homes will be phased in. In addition to the 3,000 homes, work will also begin on a new seven acre public park, a three-form entry primary school, a range of shops, a landscaped London square, restaurants and workspaces.
Out of the 7,000 apartments being built at the Wembley Park development, almost 5,000 will be for private and social rent.
Last April, Quintain launched build to rent business Tipi, through which the homes will be available. Quintain’s chief operating officer, James Saunders is expecting at least 95% of the homes to be occupied when they are completed.
He explained that people are struggling to get deposits together and the rental market is dominated by buy-to-let. London desperately needs places for people to move in to and he is hoping to create a ‘buzzy’ atmosphere with this ‘lights on’ development.
Quintain’s Chief Executive, Angus Dodd said that Quintain can deliver the homes London needs far faster than if homes were being sold privately, with Quintain’s commitment ensuring that they will be occupied very shortly after they are complete.
He also added that the benefits of this long term commitment means that Quintain can design homes specifically for the needs of today’s generation.
Tenants living in the 4,874 private rented homes will pay about £1,600 to £2,000 monthly rent for a two-bedroom flat after paying a typical deposit of £1,200 to £1,500. Service charge will be around £2 to £3 per square foot for access to shared facilities such as gyms and cinema rooms. In addition, just over 2,000 ‘affordable’ homes will be available to buy for discounted or social renting, or for shared ownership.
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