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.
