The UK Government has announced £65M of funding to help boost the new Wembley Park development in Brent, London.
The £65M government loan will be matched by the developer, Quintain, to enable vital infrastructure improvements to the site including new car and coach parking, an energy centre and a new 7 acre public park.
The new development at Wembley Park will provide 7.600 homes in the area of which at least 6.800 will be available for rent.
The Government is offering broad support for Build to Rent schemes wth the intention of filling the gap in the housing market with affordable rental properties built specifically with the intention of providing long term rentals.
The Government support for Build to Rent schemes includes;
- greater flexibility in planning rules allowing councils to plan for Build to Rent homes where they are needed
- streamlining the process to make it easier for developers to offer Build to Rent properties
- the introduction of longer term tenancies providing greater stability and security for renters.
More information may be found here