Quintain Living’s Build to Rent portfolio at the 85-acre Wembley Park site is now stabilised across all nine existing residential developments – totalling 3,255 homes. Completion of Repton Gardens, Quintain’s next development of 396 homes, is due to launch in December 2022.
Quintain Living is actively seeking third-party management opportunities across the UK, with a view to having 10,000 homes under management in the medium term. Quintain Living, the property management team of developer Quintain, has reported that occupancy has reached just over 97% across its Build to Rent portfolio. The entire portfolio of nine residential developments across Quintain’s 85-acre Wembley Park estate has now reached a 99.5% lease level.
The company has seen 1,698 move-ins to its Build to Rent homes this year to date, a 59% growth on the same period last year. There have been 1,680 net reservations, a 44% increase on the same period last year, and the conversion rate from viewings to reservations has grown to 57%, marking a 15% increase. Average lease lengths continue to be approximately 16.5 months, and 41.5% of gross reservations so far this year were taken by residents following the company’s digital leasing journey.
“This is a huge accomplishment for the entire Quintain Living team, and is testament to the strength of demand for our quality product and award-winning customer service. As a growing business, with an equally growing reputation as a quality manager and operator of Build to Rent homes, hitting these strong numbers shows exactly what Build to Rent can bring to the UK market and how it differs from a traditional rental model.”Danielle Bayless, COO, Quintain Living
Quintain Living has also completed the lease up of its most recent Build to Rent development, the 381-home Madison building, in under five months, with the Discount Market Rent (DMR) provision being leased in three months. Total leasing for the building is at 100%.
In February, Quintain announced that work had commenced on North East Lands, the next district of the Wembley Park neighbourhood. North East Lands will comprise over 2,000 homes, and Union Park – Wembley’s first new park in over 100 years. Planning permission has been secured for the first phase, which is expected to provide 769 new homes, 201 of which will be affordable, within a range of tenures. The first buildings are expected to be completed in Q1 2025.