Investment takes the cost of the scheme to £3bn
Wembley Park developer Quintain is to plough a further £2bn over the next five years into its 85-acre scheme by Wembley Stadium in north west London.
The firm has already spent £1bn on delivering the project so far and has said construction expenditure is currently costing £1m a day.
Earlier this year Quintain announced that it was to pursue an accelerated delivery programme targeting 3,000 homes under construction by the end of the year.
The developer – bought by US investor Lone Star two years ago – also said it would build more homes for rent than sale with 5,000 of Wembley Park’s 7,000-plus units to be put up for rent.
Quintain plans to spend the £2bn on 1 million square foot of office and workspace, the remaining homes and 250,000 sq ft of new retail.
In addition the investment will produce 42 acres of public realm, including a seven acre park.
Angus Dodd, chief executive of Quintain, said: “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.”
The firm has also recently received a £65m loan from the government to invest in providing infrastructure at the scheme, including improved car and coach parking along with an energy centre and the first phase of a new public park to enable its housing offering to be delivered at a quicker pace.