The UK’s Biggest Build-to-Rent Project
If you are a property developer then you will no doubt be aware that there is a significant shortage of residential properties in the UK to rent. Well, you may be interested to read that the UK’s biggest build-to-rent scheme is going to be built by Quintain at Wembley Park in London with a further £800 million being made available by way of development finance.
It is intended that 5,000 private residential properties that will be available for rent will be built on the site that has already been under development for 10 years at a cost of £900 million. So far, a number of things have been built including a hotel, a designer shopping outlet and the SSE Arena.
It is the intention to have started building 3,000 of these residential properties by the end of 2017 with the 5,000 homes being completed over a 7-year period. There is also going to be the likes of a primary school, a public park covering 7 acres and a number of restaurants and shops. So far, development work has covered an area of 1.8 million square feet but there is still 6 million square feet yet to be developed.
It will be interesting to see how quickly the properties are occupied once they are completed. Bearing in mind that there are so many people looking for suitable accommodation to rent and live in it is to be hoped that they will quickly become filled.
Whether you are a property developer operating as a sole trader or a large corporate builder looking for development finance then why not get in touch with us here at Commercial Mortgage Link so that we can put you in touch with a specialist mortgage broker who has an extensive panel of lenders at his or disposal enabling them to do all that they can to source a suitable, competitive development finance package.