All systems go on Quintain's 1m sq ft Wembley office campus

By Paul Norman - Friday, May 19, 2017 14:30

Quintain has secured detailed planning consent for he first phase of a circa 1m sq ft offices estate at its giant Wembley Park redevelopment, CoStar News can reveal. The 115,000 sq ft office has been over half prelet to Network Homes, which is to relocate its HQ to the building in what is understood to be the only off plan prelet in the South East in the past six months.

The commercial space lies close to Wembley Stadium and will be situated opposite London Designer Outlet (LDO) and the Hilton Hotel in the heart of the Wembley Park.

It forms the first phase of Quintain’s plans to deliver up to 1m sq ft of Grade A office space across Wembley Park.

At the end of last year Network Homes agreed a 50% prelet for 59,000 sq ft of space for its new HQ, which leaves 56,000 sq ft available across four floors.

Quintain said commercial tenants at Wembley Park will benefit from working next to the 70 shops and restaurants on offer at the LDO alongside fantastic public spaces, all located just 12 minutes from central London.

Quintain has ambitious plans for the future of Wembley Park and by the the end of 2017, there will be 3,000 homes under construction, alongside a seven acre public park, a landscaped London square, a three-form entry primary school and more shops and restaurants.

Construction of the Cartwright Pickard-designed building will begin in June and is due for completion in Q3 2019.

Angus Dodd, chief executive at Quintain, said: “Wembley Park is already a destination alive with activity and we are constantly improving and enhancing what is on offer. We look forward to welcoming a mix of future tenants to fill our exciting new office spaces and to become part of our thriving Wembley Park community.”

Ben Giddens, Executive Director for Development at Quintain, said: “Our development at Wembley Park has already created over 1,000 new jobs and a similar number will be created within this new office building. Our ambitious residential delivery programme will also require 900 new construction jobs per month by the end of 2017.

"Wembley Park will see further office buildings of up to 300,000 sq ft with large floor plates coming forward in response to tenant demand. As well as new HQ pre-let opportunities, we are delighted to offer the remaining four floors of 13,500 sq ft per floor in our first building, available for occupation from Q3 2019.”

The W06 plot also includes 150 new homes, 115 for private rent and 35 provided as London Housing Bank units, supported by the GLA.

Cushman & Wakefield and Colliers International are advising on the offices.

In November of last year Quintain agreed a new £800m corporate development facility with North American lenders AIG, Wells Fargo and CPPIB following its acquisition by Lone Star Real Estate Fund IV in September 2015 to take forward its massive redevelopment around London's Wembley Stadium.

The refinancing followed approval in May of last year from Brent Council for a new Masterplan for Wembley Park.

Quintain’s plans will deliver almost half of Brent Council’s target for new homes delivery as well as 1m sq ft of offices and workspaces which will create the opportunity for more than 7,000 new jobs.

The development also features a significant upgrade to the famous Olympic Way (known as “Wembley Way” to football fans) and a new seven‐acre park, equivalent in size to four Wembley football pitches.

Since first acquiring the site in 2002, Quintain has already invested more than £800m at Wembley Park to deliver homes, shops, hotels, public realm and community infrastructure. It now plans to invest a similar amount again over the next five years to accelerate delivery of the project.

So far 1,000 new homes have already been delivered and a further 600 are under construction, including a significant proportion of affordable apartments.

The London Designer Outlet (“LDO”) opened in 2013 and is the first outlet centre within the M25. It has over 70 high street stores, restaurants, bars, coffee shops and a 9‐screen cinema. The centre achieved like for like sales growth of +14% year to date.

The 361‐bed four‐star Hilton hotel, also developed by Quintain, offers a spa, gym, a roof top bar and restaurant.

In March 2016, Quintain launched Tipi, the lifestyle-focussed rental operator which aims to redefine the experience of renting in London. Quintain has launched, and fully let, 141 homes for rent under the Tipi brand with a further 415 apartments coming to the market in the next two years.

Between now and 2020 it is expected that a further £1bn will be invested in the project. During 2017 alone a further 3,000 homes will be under construction.

pnorman@costar.co.uk

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