QUINTAIN said yesterday that it has joined forces with Swiss private equity group Keystone to build a further 362 homes at Wembley Park, including 120 for the private rental market.
The 260,000 square feet residential development in north west London is Quintain’s second joint venture with Keystone after working on a 475-home development together last year.
Under the terms of the deal, the 50:50 joint venture will pay Quintain £27m for the 1.5 acre plot and associated infrastructure.
Two buildings comprising 362 homes will be built on the plot, either side of a private courtyard. Quintain will buy 120 of the homes once they are developed, to then manage them and rent them out.The remaining homes will be sold privately with Keystone and Quintain sharing the proceeds.
Quintain chief executive Max James said: “We are delighted to now be joint venturing a second plot with Keystone, further accelerating residential delivery into a supply-constrained market, increasing our emerging PRS business by 80 per cent and enabling Quintain to maximise return on equity.”
Quintain eventually aimed to have up to 5,000 homes across its 85-acre Wembley Park scheme.