The funds will help to unlock more than 7,600 new flats over the next seven years at the Wembley Park development in Brent, next to the national football stadium. At least 6,800 of these homes will be for private rent. It is the UK's biggest development of homes built specifically for private rent.
The developer is Quintain, whose 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.”
The money was provided through the Homes & Communities Agency (HCA), whose chief executive, Nick Walkely, said: “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.”
Work on the new homes at Wembley Park has already begun and is set to be completed in 2026.