Developer HUB and specialist investor Bridges Fund Management have agreed a deal with Canadian real estate investment company Realstar and global real estate investment, operating and development company QuadReal to forward-fund their £100m (GDV) Wembley Link Build to Rent development in North London, continuing their involvement in the revitalisation of Wembley High Road.
“We are very excited to be working with Realstar again on Wembley Link, which will further boost the Build to Rent market in Brent. Realstar shares HUB and Bridges’ commitment to delivering the best homes in the affordable and mid-market range and this venture is a further endorsement of HUB as a developer of choice for institutional investment in the mid-market residential sector.”Damien Sharkey, Managing Director, HUB
HUB and Bridges Fund Management purchased the land previously owned by Network Rail in January 2018 and received full planning consent from London Borough of Brent in March 2020. Henry Construction has been appointed as main contractor and works on site will begin immediately.
The deal is HUB’s seventh forward funding deal and its second with Realstar, following HUB and Bridges’ first Wembley scheme – Chesterfield House which launched under Realstar’s UNCLE brand on completion in May 2020.
“Our partnership with HUB and Realstar on Chesterfield House has already delivered 239 high-quality homes in Wembley, including 68 affordable units. We’re really pleased to be teaming up again to deliver this Wembley Link project, which will provide another 256 much-needed lower-cost homes for Londoners, while further supporting the regeneration of the local area.”Simon Ringer, Head of Property Funds, Bridges Fund Management
Wembley Link – designed by Glenn Howells Architects – will deliver 256 new Build to Rent homes – a mix of one, two and three-bedroom homes in two 17 and 19 storey brick towers.
Wembley Link includes an extensive new public garden accessed from the public square that has been delivered as part of UNCLE Wembley. Together, the two developments connect Wembley Central with Wembley Stadium, redefining the importance of Wembley’s town centre.
“Since opening earlier this year, UNCLE Wembley has proven to be a brilliant addition to our branded collection of residential rental properties around the city. The creation of two additional towers alongside proven development partners will enable us to gain additional scale and add a number of amenities which will really contribute to the neighbourhood feeling for all of our residents.”Ryan Prince, Vice Chairman of Realstar and Founder of UNCLE
HUB and Bridges have worked closely with the London Borough of Brent and the local community to ensure the Wembley Link Build to Rent scheme complements and enhances the Wembley Opportunity Area and delivers on the vision for the Wembley Housing Zone.
Continued investment in the Wembley area furthers Realstar’s aim to create neighbourhoods across London with thousands of residents from every kind of background. Wembley Link will build on the company’s 45-year track record of bringing award-winning customer service together with great amenities in convenient locations. The deal adds to the growing London rental joint venture between Realstar and QuadReal – which has acquired assets over £1bn.
“QuadReal is excited to be working together with Realstar to deliver Wembley Link alongside recently completed UNCLE Wembley. Both teams continue to have conviction in the enduring strength of the UK rental housing market and share the common goal of delivering best in class rental accommodation and service. We look forward to continuing our successful relationship together.”Jay Kwan, Managing Director, QuadReal