£65 million for UK’s largest Build to Rent site

The biggest development of homes built specifically for private rent in the UK is set to receive a £65 million boost from the government, it has been announced today.

Housing Minister Alok Sharma has announced the new deal, which will unlock over 7,600 new quality homes at the Wembley Park development in Brent, London. It will be one of the largest strategic regeneration projects in the country. At least 6,800 of these homes will be for rent.

The development will offer more choice for Londoners, and comes as the government confirmed widespread support for its proposals to open up the choice of rental properties on the market, to help those currently priced out.

The measures include: changing planning rules so councils proactively plan for more Build to Rent homes where there is need; making it easier for Build to Rent developers to offer affordable private rent in place of other types of affordable home; and introducing longer tenancies which are more family friendly to provide better security from renters.

The development is backed by a loan from the government’s £3 billion Home Building Fund. It will bring 8,000 jobs to the area and support infrastructure to free up land for development.

Delivered in phases over the next seven years, the flats will include a mix of studios, 1, 2 or 3-bedroom properties, all located closely to the underground station. The site next to Wembley Stadium will also include up to 2,350 affordable homes.

Work on the new homes at Wembley Park has already begun and is set to be completed in 2026.

Nick Walkely, Homes and Communities Agency, said: “This autumn, the HCA will relaunch as Homes England with the ambition of creating a better housing market. We’re determined to get more homes built now and increase the rate of future development.

“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.”

Angus Dodd, chief executive of 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.”