Legal & General Affordable Homes, the social housing arm of the UK pension giant, has acquired 213 homes at Wembley Park in London from developer Quintain for £62 mln (€70 mln).
The deal, which was completed during lockdown, marks L&G’s first acquisition from Quintain and in Brent. The homes are in Wembley Park’s Vantage and Bowery developments (at Plots SW05 and E01/02 respectively) and represent the latest affordable homes to come to market as a result of Quintain’s investment in Wembley Park over the past two decades.
James Saunders, CEO at Quintain said: 'I am really pleased to see more excellent quality affordable housing coming forward for local residents and the Key Workers of Brent as part of the Wembley Park masterplan.
'These two new blocks will provide fantastic homes all with private outdoor space and great access to amenities such as the new public 7-acre park we are creating. That this sale was started pre-Covid and completed during the lockdown shows just how strong a proposition these two buildings are for L&G and their residents.'
So far, Quintain has built over 1,400 affordable homes as part of their £2 bn investment to date at Wembley Park, in housing, offices, public space, retail, restaurants and cultural spaces across the 85-acre estate.
Ben Denton, managing director, Legal & General Affordable Homes, said: 'We are delighted to be working with Quintain and the London Borough of Brent on this exciting scheme which will deliver 213 high quality and much needed affordable homes within this landmark development in Wembley Park.
'Legal & General is deploying institutional capital at scale into this sector, to deliver the volumes of social housing which society desperately needs. Despite the uncertain environment, we continue to make important steps forward in growing our development pipeline and welcoming new residents to our schemes. As a spotlight has been shone on homelessness in the current crisis, continuing to provide homes which are affordable and well managed has never been more vital.'
All 99 units sold in the Bowery development are homes for affordable rent, each meeting The Mayor of London’s size standards and with their own private balcony. These homes also have a shared garden with a neighbouring block to the west and look out over the new 7-acre park to the north, as well as having sports, games and access to nursery amenities.
In the loft-style Vantage development, L&G has purchased 114 affordable rent properties. Every home has a private balcony, meets The Mayor of London’s size standards and this block boasts uninterrupted views over London. Residents have access to a shared landscaped podium garden with a neighbouring block and a private 6th floor roof terrace with children’s play space.
The homes were sold as part of a competitive process, started in 2019, managed by JLL. Both buildings are currently under construction with Vantage aiming at completion in July 2020 and Bowery in Q4 2020, with residents expected to move in shortly after.
