Investment takes the cost of the scheme to 拢3bn
Wembley Park developer Quintain is to plough a further 拢2bn over the next five years into its 85-acre scheme by Wembley Stadium in north west London.
The firm has already spent 拢1bn on delivering the project so far and has said construction expenditure is currently costing 拢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 鈥� bought by US investor Lone Star two years ago 鈥� also said it would build more homes for rent than sale with 5,000 of Wembley Park鈥檚 7,000-plus units to be put up for rent.
Quintain plans to spend the 拢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: 鈥淭here is a severe shortage of homes in London, so we believe demand will hold up 鈥� particularly for our rental offer 鈥� and on the office front we offer rents which are significantly cheaper than the West End.鈥�
The firm has also recently received a 拢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.
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