Tag Archives: quintain

Quintain plans PRS brand to launch Wembley rental homes

Listed property developer Quintain is another major player planning to launch its own consumer-friendly private rental brand. The company has promised a launch within the next nine months, which will be used to help promote more than 1,000 private rental flats to be built around Wembley stadium. The aim is to build flats that will appeal to young professionals, with rents in the region of £1,500 per month.

Quintain, which has major land holdings around the stadium in north west London, has already completed a number of early phases of the redevelopment, including a new hotel, student accommodation and a designer outlet retail centre. Last month, it agreed a deal with investor Keystone Developers to bring forward a residential phase that will include 475 flats, of which 143 will be rented long term – details reported here.

Now, it has decided that private rental flats could form between 25 and 35% of the total 5,000 homes that have been granted consent for construction. That could mean a total of up to 1,750 private rented flats at Wembley – potentially a £300 million investment. For Quintain, one attraction is that building for rent could accelerate the development of the site, compared to simply building for sale. The company has already experimented at Wembley with combined facilities for residents including a communal refuse system, and wired in broadband and TV capabilities.

Quintain will initially commit its own capital to building for rent, but will then look at other options. “It’s a pretty meaningful commitment to the sector,” chief executive Max James told Property Week. “We, like others, are looking to create some scale and create a brand.”

“We want to make sure the business works properly at Wembley, and therefore this could either be just for Wembley or we could take the brand elsewhere. My instinct is that if it works at Wembley it could work in other comparable locations.”

 

Quintain adds rental flats to Wembley development

Listed property company Quintain has agreed a deal that will see it create a new private rented sector business, with a further phase of development at its Wembley regeneration site.

A new phase of building at the site, alongside Wembley Arena, will include 143 apartments for long term private rental by Quintain. The flats are part of a larger 475 apartment phase in seven buildings, that are to be constructed in partnership with investor Keystone Developers.

Quintain and Keystone start private rental flats in Wembley

 

The 50:50 joint venture will see Keystone invest alongside Quintain to build the properties. It has not been made clear whether the remainder of the apartments will be offered for sale or retained by Keystone, though previous phases have included significant parcels of flats for sale. With Keystone involved, Quintain will be able to build and complete faster than if it had to rely on its own financial resources.

Quintain, which owns substantial sites around the Wembley soccer stadium, has been developing the land in managed phases. It already has a lettings business, which was set up in 2008 and manages 150 properties on the site for other landlords.

The company says it expects “a new, strong income stream to be generated for the Group fro this PRS business”. It will buy the two blocks of PRS flats out of the joint venture, and expects the apartments to be available for rent in 2016.

“This joint venture unlocks value for shareholders from our largest London asset, paving the way for the delivery of more homes at Wembley into a supply-constrained London housing market,” said Quintain chief executive Maxwell James.

Keystone already worked with Quintain at Wembley, acquiring a student accommodation in 2011, which was built in an earlier phase of the development. “We are delighted to join forces with Quintain once again,” said Keystone group chairman Giorgio Laurenti, “and are pleased to continue investing in Wembley as the area regenerates into an increasingly vibrant location.”