Wembley Point redeveloped into small apartments
Let's face it, you can't really miss Wembley Point on the North Circular Road - in fact it is right in your face. For years disused and under-used it has been converted into c400 small housing units.
It was sold to the Canda Israel Group for £43 in 2018 on behalf of off-shore clients of Bravo Investment Homes. Crucially the sale included overage, a payment to be made to the original land owner in the event that a valuable planning permission is granted. The payment will usually be a percentage of the difference between the market value of the land with the benefit of planning permission and without it.
Canada Israel, controlled by Barak Rosen and Assaf Tuchmeir (their private company, not to be confused with public company Israel Canada) has done its first deal in the UK. The company has purchased an office tower in the north-west London suburb of Wembley which it intends to convert to a residential tower at a total investment of £100 million. Canada Israel is paying £45 million for the property, and plans to build under an existing permit ("Permitted Development Rights") 440 small apartments (averaging 40 square meters) for an additional £55 million. Canada Israel plans to sell the apartments - studio and two-room apartments, for which there is high demand - for an average of about £300,000, and expects total sales proceeds of £130-150 million.
The existing office tower, with 20,000 square meters of built space, was bought as part of a 2.5 acre site for which Canada Israel plans to obtain residential planning rights to build 30,000 square meters. The property is adjacent to the Stonebridge Park Underground station, about twenty minutes journey time from central London, and is within walking distance of Wembley Stadium. LINK
Crucially the sale included overage, a payment to be made to the original land owner in the event that an additional valuable planning permission is granted. for the site. The payment will usually be a percentage of the difference between the market value of the land with the benefit of planning permission and without it.
That additional planning permission is now being sought from Brent Council and would result in this transformation of the site:
Impression of 'Stonebridge Place'
You will note that Wembley Point itself would be over-shadowed by an even taller block (32 storeys). The River Brent flows in front of it (now largely covered by a concrete platform) and the greenery to the left of the picture is the Wembley Brook which joins the River Brent somewhere beneath the concrete. The surburban housing and shops on the Harrow Road near the junction with the North Circular would also be over-shadowed.
Europe Real Estate LINK reported in March:
Canada Israel and Avanton have submitted a planning application to the London Borough of Brent for the regeneration of the 2.5-acre (1.26 hectare) Wembley Point site on Harrow Road to create a residential-led development known as Stonebridge Place with a GDV value of up to €297.6m (£250m) providing 515 new homes of mixed tenure, 1,200ft² of commercial space, new boxing gym with public café, landscaped gardens, pedestrian boulevards and new water features.
The Stonebridge Place proposals will deliver significant public realm improvements including a civic square, green pedestrian boulevard, children’s play spaces and resident’s gardens at ground and podium levels. The proposed new homes will be an addition to the already completed WEM Tower London, with its 439 new homes and fantastic amenities. Of the 515 new homes, 341 will be for market sale, with 35% allocated for affordable housing comprised of 57 shared ownership and 117 affordable rent homes.
Located to the south of Wembley Park and National Stadium, adjacent to Stonebridge Park Station (Bakerloo Underground Line), the new Stonebridge Place project will provide three striking new buildings. The first building is a 32 storey focal triangular tower with glass and green terracotta façade providing 266 one, two and three-bedroom market sale apartments over a new double-height residential lobby, complete with flexible commercial space.
The second stepped building, rising from 10 to 20 storeys, will have a glass and beige brick façade with balconies providing 249 mixed-tenure homes and flexible commercial space, with a large podium garden at the first-floor level. The partners will be building Stonebridge Boxing Club, an important local sports-led charity, a new facility. This will be located in the third new building on site which will be three storeys high providing a new boxing gym and public café with glass and bronzed-black terracotta façade.
The project’s significant public realm improvements include a new civic square, for food markets, a new Wembley outdoor Film Festival and Art & Antiques Market. Running through the site will be Stonebridge Place, a new green pedestrianised route linking the various buildings and landscaped areas.
Gil Selzer, Managing Director of Canada Israel UK said: “This proposed residential-led development at Wembley Point is a major urban regeneration project that will create a new destination for South Wembley. Stonebridge Place marks the next step in Canada Israel’s international expansion plans and building a strong real estate presence in the London property market.”
Omer Weinberger, CEO of Avanton commented: “Avanton are delighted to be partnering with international property company Canada Israel on this major urban regeneration scheme in Wembley which will provide market sale, BTR (Build to Rent) and social housing provision.”
Current residents of Wembley Point (now marketed as WEM Tower) are not happy - in fact they feel misled and cheated by Canada Israel:
These are extracts from a typical comment on the Brent Planning website:
I am a new resident/tenant in the WEM Tower building and I am one of the many first ever tenants to reside in the WEM Tower building.
The owners and management of the premises did not and still do not disclose to potential new tenants/residents in the WEM Tower building about the proposed planning works that have been applied for permission to the Brent council during the viewings or at any point in time throughout the process of signing a contract or rental tenancy agreement with them!
This information is purposefully kept discreet and un-disclosed to all of new tenants/residents in the WEM Tower building! This is a very intentional act and behaviour of the management company and the owners and landlords of the flats in the WEM Tower building.
The entire grounds surrounding the outdoor premises of the WEM Tower building being the car park area will be subject to construction/maintenance/building work on the premises surrounding the WEM Tower building in which our flats are located/situated where we have been locked into 6-18 months rental tenancy agreement contacts!
If the planning for this project is authorised for a go ahead .. it will be extremely hazardous and injurious to our health and safety as residents residing in the WEM Tower building because we will all be surrounded by the on going construction all around the WEM Tower building premises! This is clearly unhealthy for us residents!
It is completely unfair for the management/landlords to expect us to live on a construction site! Either they decide to terminate our rental tenancy agreements of permission is granted to them for this project! Because the management/owners/landlords of the flats in WEM Tower building have not and did not disclose this information about the further construction on the premises, it was information that was kept discreet, un-disclosed concealed and withheld from us new tenants/residents currently residing within the flats in the WEM Tower building!
Please Brent Council, I am writing this appeal/objection on behalf of all several other current new residents/tenants in this building who are unhappy and dissatisfied for this project to go ahead or be given permission to go ahead!
We would like to suggest that if permission is given for this project than construction can only begin if all of us residents are evacuated from this WEM Tower building and released from our long term rental tenancy agreements! As our health and safety is at risk of construction is deemed to occur in the foreseeable future and if permission is given for this project.
Please Brent Council take this objection and appeal in serious consideration from all of us current new tenants/residents.
There are three pages of comments, mainly from WEM Tower residents and just one supporting the planning application:
I do not object to the proposal to continue to develop the Wembley Point site. The developer's plans to fully develop the land have been clear since they purchased the land. I trust that my rights as a tenant will not be infringed upon. To date, I have received prompt and helpful replies to all my emails to the Property Managers at Home-Made (who are responsible for WEM Tower), and I have no reason to believe at this time that Home-Made and/or Canada-Israel will act in a manner which is inappropriate to tenants. If the nature of this relationship changes, I have the right to complain to Home-Made and Canada-Israel as appropriate and/or report any unlawful or unethical practices to the Property Ombudsman or other relevant regulatory body. However, I have no reason at this time to expect to complain either to Home-Made and/or Canada-Israel, nor to the Property Ombudsman or relevant regulatory body.
My understanding of the proposal is such that I believe that no significant alteration will be made to the fabric of the building in which I live, that building being WEM Tower. My understanding is that the only building works which will happen at WEM Tower itself are those which are necessary for maintenance purposes (e.g. such works as would be expected by a landlord so as to fulfil their duties to tenant(s)). Therefore, I do not believe that the development of the disused car park will affect my safety or compromise my right to quiet enjoyment of the property I rent. Construction work is subject to time restrictions so as to avoid excessive discomfort to those nearby, and acoustic insulation boards can be used to minimise noise during the works. I reserve the right to complain to Home-Made (the Property Manager) and/or Canada-Israel (the Landlord) if my quiet enjoyment of the property or any other contractual or legal right is compromised for whatever reason and I am further empowered to complain to the Property Ombudsman or other relevant regulatory body if my initial complaint is handled inappropriately.
As far as I am aware, tenants have not been advised that the carpark which is currently present at the site is available for long-term use. Neither the WEM Tower website nor the WEM Tower resident app advertise parking. Indeed, the resident app stipulates that cars cannot park on the site other than for checking-in purposes and for deliveries. In my experience, both the Developer and Property Manager have been fair and flexible regarding the use of the car park, as I was allowed to park for free whilst I sold my car. Cars are inappropriate for London; I have replaced my car with a small electric moped, and I also own a bicycle, and it is my understanding that these greener modes of transportation are unaffected by the absence of car parking. I firmly believe that the Wembley Point development should be car-free, with the exemption of blue badge holders. I am a car enthusiast, but I am sentient to the negative environmental impact of car use in London and beyond and the issue of congestion, which cannot be resolved through the acquisition of an electric car (as cars are larger vehicles). It is my opinion that residents at this development should be encouraged to use (preferably electric) mopeds/motorcycles, as well as bicycles, when they are not using public transport. This would further reduce the potentially negative impact of increased population to other residents in the area and would encourage residents to make environmentally-conscious decisions. Those who need cars should hire them occasionally, and I understand that Zipcar will soon be available direct from this development. This meets my needs perfectly, and likely the needs of most or all other residents. There are a small number of cars currently parked at the development, but I have only seen one of these move and that was only on one single occasion. I am not omniscient, but my perspective is that current residents do not desperately need access to personal cars.
I believe the development of this land will have a positive impact on the area. Firstly, the property I rent at present is very well-presented; it is nicely equipped and thoughtfully designed. I have lived in both social and private rental properties my entire life, and my flat at WEM Tower is definitively the nicest, most well-equipped property I have ever occupied. The property is furnished to a higher standard than I have come to expect from a private landlord, and certainly to higher standard than any property I have ever rented or viewed, not only in London but nationwide. It is a shame that the approach taken by this developer is not used more widely, particularly by Local Authorities which ought to work more effectively to tackle the nationwide housing crisis, and should build genuinely comfortable homes for all. I grew up on a council estate, and I only wish that it had been half as nice as WEM Tower, as our standard of living would have been so much higher than it was. If WEM Tower is anything to go by, I firmly believe that the developer should be encouraged to improve run-down, disused, or poorly-developed land in Brent and beyond. They are succeeding here at Wembley Point, and I am in favour of good quality housing for all. Perhaps Brent Council could buy a few properties from the developer when they are completed?
The Wembley Towers development proposal will create jobs in the construction and hospitality sectors, both of which were hit hard by the pandemic. The staff working at WEM Tower, from the cleaners to the concierge, baristas to security guards, are fantastic. It is great to see jobs being created in Brent, and staff seem likely to be able to move onto other roles in their sector should they wish, as they are all excellent at what they do. The development, when complete, will also improve the lives of residents in the Wembley Towers; residents will be able to use both Brent River Park and the landscaped gardens at Wembley Towers, plus the health and well-being facilities which are intended.
I do not believe that the development of the carpark will infringe on my contractual and legal rights as a tenant of WEM Tower, and I understand what actions are necessary on my part should any of my rights be infringed upon for whatever reason. I plan to remain a long-term tenant of the development subject to my needs and I am enthused by the prospect of increased choice to properties on the development, and may indeed wish to migrate to another tower should it better suit my needs. I believe, based on the fairness and transparency exhibited to date, that the Landlord would consider a rent cap (that is, no increase to rent beyond the existing contractual period for the duration of another contract) should this prove appropriate and/or relevant to tenants who live onsite during the building works.
It is nice to see developers creating jobs without building on Green Belt land.
As I talk to people in Wembley it is remarkable how many do not know about planned developments - until work starts... I wonder if the WEM Tower and Monks Park residents know about the other pending tower in their corner of Tokyngton ward.
Argenta House (opposite Stonebridge Park Station next to current bus stop)
This is a 24 storey tower that will replace the 2 storey Argenta House. The Wembley Brook runs close to the current building. The plans were approved by a much substituted Planning Committee back in October 2019. It was reduced from 28 storeys to 24. LINK
You can see Wembley Point behind the current building in this photograph but will need to imagine the 32 storey and the stepped 20 storey buildings either side of WEM Tower as well as the impact of the 24 storey Argenta House on the light of all three. The artist's impression of a stand-alone Argenta House is more than a little misleading.
Argenta House on Argenta Way, opposite Stonebridge Park Station where the new block will be built. Wembley Point in the background.
This is not all of course. On the opposite side of the road we have the Unisys buildings which along with the Bridge Park Centre and some smaller sites is the site of a controversial major development by Brent Council with General Mediterranean Holding. Details have been held up by protected legal action as the community tried to secure its ownership of Bridge Park (use this blog's search facility for details).
The Unisys buildings
The intial plans were for 800 residential units of a site said to be worth c£500m and GMH said one of the Unisys blocks could be refurbished as a hotel. In the light of the Stonebridge Place development and Brent's policy in favour of tall buildings and 'intensification corridors' this is likely to be revised by the developer.
Indeed a note on the Local Plan Tall Buildings Policy (June 2021) goes further and includes Conduit Way on the opposite side of the road to the Unisys site LINK:
For Stonebridge Park an additional area adjacent to the site allocation BSSA7 Bridge Park and Unisys Building has been identified. This incorporates the Conduit Way estate. This extension is justified on the basis that the existing estate is of low density, lower quality homes which has the potential to be intensified to a higher density reflective of its higher public transport accessibility. This is particularly so along and in the areas adjacent to the Brentfield frontage. This will complement the taller buildings proposed on the Unisys and Bridge Park site and reinforce the gateway role from the North Circular of those entering the borough from further afield.
