The Wembley Park development, the biggest development of homes built specifically for the private rental sector in the UK, is to receive a £65 million boost from the Government.
The units will be delivered in phases over the next seven years and completion is scheduled for 2026. In addition, up to 2,350 homes will be made affordable.
Announcing the £65m funding boost today, 03 August, 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.
-- Advertisement --
"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."
Angus Dodd, Chief Executive of developer Quintain, 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 7 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."
(LM)
