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News » UK » Quintain spending £1m a day at Wembley Park » published 30 Aug 2017

Quintain spending £1m a day at Wembley Park

Quintain has now invested more than £1bn on its 34-hectare Wembley Park build-to-rent development and is set to spend another £2bn over the next five years.

Construction work at Wembley Park Above: Construction work at Wembley Park

The developer is spending money at a rate of £1m a day on construction work there, making it one of the UK’s biggest construction sites.

At the peak of construction there will be more than 3,500 workers on. This year 3,000 new homes will be under construction at Wembley Park.

To guarantee construction capacity, Quintain has a construction framework in place with contractors Sisk, Wates and McLaren.

Quintain chief executive Angus Dodd said: “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.”

He added: “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 spent to date at Wembley Park has bought 1,000 new homes, renovation of the SSE Arena (formerly Wembley Arena), student accommodation, a 361-bed Hilton hotel, a Designer Outlet shopping, 20 restaurants and bars, and a nine‐screen cinema.

The next £2bn will go on: a further 6,000 homes, mostly for rent; a million square feet of office and work space; 250,000 sq ft of new shops and restaurants; 17 hectares of public realm; and community, social and medical facilities.

 

 

MPU

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This article was published on 30 Aug 2017 (last updated on 30 Aug 2017).

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