Private equity giant Lonestar’s Quintain is to receive a £65m loan from government to help it deliver the UK’s largest rental residential development at Wembley.
Housing Minister Alok Sharma announced that Wembley Park is to receive the “boost” from the Department for Communities and Local Government to help it “unlock” 7,600 homes in Brent. At least 6,800 of these homes will be for rent.
Quintain chief executive Angus Dodd said: “This £65 million government loan will be match funded by Quintain to provide a £130 million 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 government has also confirmed support for its proposals for the rental market set out in the housing White Paper. These include:
- changing planning rules so councils proactively plan for more BTR;
- making it easier for affordable private rent in place of other types of affordable housing; and
- longer tenancies, which are more family friendly, to provide better security for renters.
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.”
The Wembley Park development is backed by a loan from the government’s £3 billion Home Building Fund and will be delivered in phases over the next 7 years. The site next to the National Stadium will also include up to 2,350 affordable homes.
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