From the Financial Times
Wells Fargo, AIG and Canada Pension Plan Investment Board (CPPIB) three of the biggest global, institutional lenders, have agreed to provide a five-year corporate development facility to Quintain to support the transformation and further development of Wembley Park.
The loan also refinances the existing £425m facility provided by Wells Fargo to support the acquisition of Quintain by Lone Star.
The revolving senior loan, led by Wells Fargo as Agent, and AIG and Wells Fargo as Co-Arrangers, combined with a 36-month availability period under the junior facility, provided by CPPIB, is innovatively structured to offer operational flexibility for Quintain to recycle capital efficiently from non-core assets into the Wembley Park Masterplan.
The refinancing follows approval in May from Brent Council for a new Masterplan for Wembley Park, which aims to transform Wembley Park from a world class events destination into a thriving London neighbourhood, with an exciting combination of new homes, iconic venues, great shops, public spaces and workspaces.
Quintain’s plans will deliver almost half of Brent Council’s target for new homes delivery as well as 1 million sq ft of new, high quality 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.
'Quintain’s plans will deliver almost half of Brent Council’s target for new homes delivery.'
ReplyDeleteBut how many of these new homes will be "affordable"? And how many of these "affordable" homes will ordinary Brent people actually be able to afford?
Philip.
Can you explain what Affordable really is? If you are earning 25K @ John Lewis and have a family £1200 per month rent is not affordable, when you have a wife and 2 young children to support, despite earning + bonus = £30,000 per annum. I know that this is the case. I receive Housing Benefit and Council Tax Benefit. The system is FKD. I am unhappy that I work pay tax and still have to claim benefits. I so want to be independent live in Wembley which I have for 7 years and find myself in this position. It cannot be right.
Delete"The revolving senior loan, led by Wells Fargo as Agent, and AIG and Wells Fargo as Co-Arrangers, combined with a 36-month availability period under the junior facility, provided by CPPIB, is innovatively structured to offer operational flexibility for Quintain to recycle capital efficiently from non-core assets into the Wembley Park Masterplan.
DeleteWTF does this mean? In My world it means they are building the "Projects like in the USA" in Wembley which having observed the outcome is not a good idea, but hey I probably will not be around 30 years from now, so they will have to deal with their legacy. 4 ACRES is not a PARK of any substance and certainly nothing to "Shout about", at BRENT COUNCIL SOLD THEIR SOULS TO THE DEVIL. Forget us. Does DT have any involvement I shudder to think.
And how many houses for social rent have Brent built?
ReplyDeleteTo all of these, the answer is the same. Naff all.
er Zero 00000000 so far they have produced 0000, they can't sell these properties, neither can the developers. They are being bought by investors who have no intention of living in the properties, and just Rent them out as a matter of course. No hard working individual can afford these new build properties. Yes Brent Council may achieve their goal of building 11,000 new properties but not affordable for the Locals or people of Brent who are languishing on the list. They are indulging the developers who will come back and bite them on their ARSE.
ReplyDeletereal life people (local Wembley residents cannot afford these properties), very seldom have they shown any inclination to giving properties to the council in perpetuity, in looking at what they have already built, most is student accommodation, the rest, some have been sold but most is rented out and the council are still making up the difference on housing benefit. They are just building the PROJECTS in WEMBLEY Lone Star are just out for making $$$$$ which they never will achieve in Wembley nor did they in the USA.
7 acres is a pocket park. Compare to King Eddies Park or Copland Fields which are 26 acres. this is a small concession and ain't a proper PARK just a bit of space! and probably won't be that GREEN
ReplyDeleteWembley NOPARK go for it.
ReplyDeleteI agree Jaine.
ReplyDeleteWhen I saw the photograph simulation do you know what it immediately made me think the article was going to refer to? Yes you're right: a 1960's Council Estate where high rise blocks were all the thing and a bit of green space was thrown in to relieve the austerity of all the concrete. It was realised that these kind of estates didn't work and everyone has been knocking them down for the last 25 years. Wbete are all the families supposed to fit within this plan?
I, like other, question whether these properties fit what is needed for the housing needs of Brent.