Quintain Press Release (needless to say the views expressed are Quintain's)
- This fixed cost contract with long term
partner John Sisk & Son will deliver two new residential buildings at
plots NE02 and NE03 alongside the completion of the first park in Wembley
for over 100 years
- The completion of the two buildings, covering
9,593m in total, is expected in early 2025, with 74% of the homes to be
Build to Rent alongside over 100 affordable homes of mixed tenure
- This landmark contract signing is testament to
Quintain’s success at Wembley Park over the past 20 years and continued
momentum at the 85-acre site
Quintain,
the developer behind Wembley Park, has signed its largest construction contract
to date, awarding £227m to John Sisk & Son (Sisk) to deliver two new
residential buildings and significant public green space at Wembley Park.
The
buildings, currently known as NE02 and NE03, will be the first to be delivered
at Wembley Park’s North East Lands development, the latest quarter of the
85-acre site to be transformed by the developer. Quintain broke ground at North
East Lands, which will deliver a total 2,000 homes, earlier this year as the
developer celebrates its 30th anniversary and 20 years at Wembley
Park.
The £227m
contract between Quintain and Sisk has been agreed at a fixed price. Whilst not
uncommon, a fixed price contract committed to by both parties, during a period
of high inflation and following the impact of Covid and Brexit, is testament to
the exceptional working relationship between the two businesses. This outcome
was achieved through early engagement with the wider contractor framework,
cultivating transparency and a fair allocation of risk.
James
Saunders, CEO of Quintain, said: “Whilst
the wider economic picture may be one of uncertainty, Quintain is committed to
delivering hundreds of new homes for London at the right time and cost. This
landmark contract signing is testament to our continued momentum at Wembley
Park and our unwavering success at the site for the past 20 years. It gives me
great pleasure to bring the North East Lands development forward with Sisk, our
long-term construction partner and valued member of our contractor framework.”
The
commitment to building a further 769 homes at Wembley Park in plots NE02 and
NE03, during a period of economic uncertainty, demonstrates Quintain’s
confidence in the market and in its Build to Rent product so successfully
managed by its Quintain Living team, currently at over 3,000 homes.
Ajaz
Shafi, COO, UK & Civils, John Sisk & Son, said “John Sisk & Son is thrilled to have
formally signed contracts with Quintain for both NE02 & NE03 projects. This
is the largest contract we have signed to date with Quintain and the first
developments at North East lands. Sisk has an 18-year history at Wembley Park
with our client, Quintain. Together we have created over 2,000 homes, along
with a 365-bed hotel, 660 bed student resident units, 1,000 bay carpark, and
over five acres of incredible public realm, with another 817 homes now
currently under construction with the signing of this latest contract. This
demonstrates our longstanding relationship with Quintain and the dedication of
our staff and supply chain partners. We are extremely excited by this next
leg of the journey at Wembley with Quintain and look forward to creating this
new neighbourhood within Wembley Park.”
The homes
will be delivered alongside the completion of Union Park, which is to span a
full seven acres across Wembley Park, three and a half of which are already
complete and open to the public alongside children’s play areas and water
features. Union Park is Wembley’s first new significant public green space in
over a hundred years and, once complete, will be complemented by community
amenities for local residents and the public.
This
significant construction contract signed between Quintain and Sisk comes after
18 years of successful collaboration between the two businesses at Wembley
Park. The commitment to a continued partnership amongst a challenging market is
testament to Quintain’s transparent and supportive approach as a client rather
than encouraging a race for the lowest price which traditional tendering
methods are known to create.
Previous
projects between Quintain and Sisk have included the site’s flagship Build to
Rent development 743-home Canada Gardens, the 472-home Emerald Gardens
development, London Designer Outlet, the Hilton London Wembley Hotel and the
reconfiguration and refurbishment of the Grade 2 listed Wembley Arena (now the
OVO Arena Wembley).