London: from €206,600 The first of 4,500 new homes beside Wembley stadium in London are being pitched at Irish buyers, writes Kate McMorrow
Pitching at the Irish market in an off-plans launch, UK property company Quintain arrives at the Conrad Hotel, Earlsfort Terrace on May 19th to market apartments at the new Wembley Stadium and restored Arena.
In choosing Dublin, Quintain acknowledges the buying power of Irish investors and their ability to turn a profit by getting in and out early. A total of 145 units are for sale in phase one, out of 4,500 in the entire development. An initial 40 will be offered for sale, with further batches released as sales continue.
The €4 billion Wembley development is the UK's most ambitious project to date and the largest residential and commercial scheme to be built and managed by a single company.
Quintain Estates and Development is re-developing 70 acres surrounding the stadium in a major project that will see the transformation of this run-down multi-ethnic area. Renowned architect Richard Rogers is the master planner at Wembley.
The Quintain group will join Irish agent Mannion Auctioneers at the Conrad Hotel launch of phase one. For those thinking of the 2012 Olympics, the apartments will be on the second to eighth floors of a building close to the stadium steps. Quintain claim that this new town will cover an area almost as large as London's West End, with offices, high-end retail and restaurants, a cinema complex and a five-star Hilton hotel, all designed around a piazza, two smaller squares and a series of tree-lined boulevards.
Due to open in July, the new stadium sits on a low hill at the heart of the site. Broad flights of granite steps will access the forum on all sides. The piazza that fronts the arena has a synchronised fountain that flows in time to music through loudspeaker pillars.
Prices start at €206,600 for a studio apartment in Wembley, with one, two and three-bedroom apartments also available. Underground parking is an optional extra. Two-bedroom apartments cost from €398,160. A parking space is an additional €25,200.
Sizes are from 30sq m (320sq ft) to 154sq m (1,550sq ft). Specification will be top class, with contemporary interiors, quality kitchen and bathroom fittings (plus appliances) and fitted wardrobes. Most two and three-bed units will include an en suite. The apartments will have an open-plan living/kitchen arrangement and a balcony, or roof terrace with top floor duplex units. Completions are scheduled for Spring 2008.
This massive development has the support of the UK government, which is keen to re-balance the inner city away from the river and docks area.
Wembley was fully consented within 11 months of the application, reflecting the support from government, Greater London Authority (GLA) and the Borough of Brent where Wembley is located.
The Wembley site is eight minutes by train from central London. Three under and over-ground train stations will serve the complex.
An established road network connects with the M1 and M40 motorways and Heathrow Airport is 14 miles away.
Coinciding with the redevelopment is the revamping of Wembley Park station to handle an extra 15,500 passengers per hour. A new four-span steel footbridge links Wembley Stadium station with the site.
Ten million visitors each year are expected to avail of the sports, entertainment and retail facilities at Wembley when it is up and running. The massive development is on time. "We're going like a steam roller," says Quintain's property director Nick Shattock, keen to distance their separate project with the problems encountered with the stadium, when overruns and union disputes made headlines.
As the sole developer of the residential and commercial elements at Wembley, Quintain will continue to control general grounds maintenance and car-parking post-completion, providing continuity for residents.
Planning permission is being sought by Quintain for a casino. The refurbishment of the Arena involved turning the front entrance to face the new stadium and piazza.
This has now opened with a full programme of events.
The Conrad exhibition runs from May 19th to 21st.
