The developer has already invested £900m in the Wembley Park project – which includes Grade A office space, a primary school and a number of shops and restaurants. It has now secured planning permission and a further £800m funding for the Build to Rent project.
It said 3,000 of the homes will be under construction by the end of this year.
Angus Dodd, chief executive of Quintain, said making the development build to rent means the homes can be delivered faster than if they were being sold privately and will be “occupied very shortly after they are complete”.
He added: “This long term commitment also means we can design homes specifically for the needs of today’s generation of renters and provide fantastic shared facilities and professional management arrangements which our residents love. We will ensure no apartment is left empty.”
Last week, following the publication of its Housing White Paper, the government launched a consultation into the Build to Rent sector, which it called a “a desirable and enduring feature of the housing market.”
Announcing the consultation, the government stated: “The number of new Build to Rent homes constructed is steadily increasing, but the government has heard from developers and investors that barriers to development remain and that the capital available for investment could be deployed faster if those barriers are overcome.
“Acquisition of land, the predictability and speed of planning decisions for this emerging sector and the negotiation of planning obligations relating to affordable housing are frequently cited as key barriers. This consultation paper seeks views on planning measures intended to support Build to Rent through the planning system and make the benefits of Build to Rent more widespread.”
Mayor of London, Sadiq Khan, said the Wembley Park development will provide “much-needed private rented homes for Londoners.”