Brent Council is currently considering proposals to purchase two new towers in Wembley Park. If they choose to proceed, it would give them an influx of almost 300 flats to use as council housing. As one of the top providers of guaranteed rent in Brent, we want to take a closer look at the plans.

What is happening?

Work is currently in progress to redevelop a site on Fulton Road in Wembley Park. The project got planning permission in March 2022. As a result, developer Regal Homes Management Limited will transform the former Euro Car Parts site into new housing. The project will create 759 homes. They will be a mix of one to three bed flats across several new towers. In addition there will be new retail and commercial space.

The developer is currently exploring opportunities to sell two of the towers, blocks D and E, in their entirety as a single package. Together there will be 294 homes. The aim is to complete the construction by July 2026.

Council purchase

Brent Council is looking at proposals to purchase both towers. It would require an £85.6m investment. However, this would work out at an average of £290,000 per flat. Housing officers have already given a recommendation to complete the deal.

If the council does buy the properties, it will be good news for locals in need of housing. The 118 homes in block D would be affordable, available at London Living Rent (LLR). As a result, the rents will be one third of the occupant’s income.

The homes in block E, totalling 176 units, will also be available for renters. The rates here will be in line with London Affordable Rent (LAR). While there are no legal caps like with LLR, it does give benchmark targets and should mean the homes are accessible.

Should they do it?

There are strong arguments to support the purchase. The council has a big waiting list of people looking for homes. A planning meeting document provides a good insight into this. It said there are currently 799 households in temporary accommodation waiting for the council to provide one bedroom homes. In addition, there are 692 waiting for two bed and 1,096 waiting for three bed. So, the deal would help them to meet current demand.

If the council agrees to the deal, the payments will be structured to work for both the authority and the developer. Initially there will be a 10% fee upon exchange of the contracts. Then there will be 12.5% payments as the blocks complete. Finally, there will be monthly payments to cover the balance.

Speak to us about guaranteed rent in Brent

We always recommend that investors consider services to guarantee their rent. They can be a really great way to protect against voids and also provide financial stability. Plus, it is a convenient option that can take care of finding tenants, managing properties, and more. In terms of workload and responsibility, it is the lightest option for landlords.

If you want to learn more about guaranteed rent in Brent of other parts of London, you can contact us. We are always happy to provide info and explain why these services are so popular.