QUINTAIN Estates has become the latest developer to move into the private rental sector after forming a joint venture yesterday to build 475 homes for rent in Wembley.
The company is partnering with Swiss private equity group and family office Keystone to deliver the next 306,000 square feet phase of homes at Wembley Park, which will comprise of seven buildings.
Under the deal, the 50:50 joint venture will pay Quintain £32m for the 2.5 acre plot and associated infrastructure.
Two of the buildings will be bought by Quintain once they are developed, who will then manage them and rent them out.
The developer already rents 150 homes at Wembley, which chief executive Max James said were on average 97 per cent occupied.
“We are seeing a significant amount of demand for accommodation which is more affordable for Londoners,” he said.
Several developers have moved into the sector to meet demand for more affordable homes, including Grainger as well as Delancey and Qatari Diar at the Olympic Village.