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.”