In the world of football, £9.55m isn’t much these days. Barely enough to buy the arm of Cristiano Ronaldo, the small toe of Lionel Messi or, closer to home, a set of super-injunctions for British footballers’ indiscretions. However, for the England football team’s home, Wembley, £9.55m represents a significant commercial property outlay.
It is the sum that Nationwide Building Society’s Commercial Division has announced they will be spending along with UK property company Quintain and other third-party investors, in a joint venture deal to acquire Stadium Retail Park, located within Wembley City. The 38,000 sq ft retail park will become part of Wembley City, a new 6.25m sq ft flagship project for Quintain.
Work is currently focused on the 2m sq ft ‘Western Core’, according to Wembley City’s website, and is expected to be completed by September 2013, incorporating homes, hotels and a range of commercial property.
Brent Council recently passed Quintain’s proposal, regarding a second phase of the Wembley City development, next to Wembley Arena. Land alongside Olympic Way, the route to the stadium, is expected to ‘transform’ and much of Olympic Way will undergo ‘upgrading’. Commercial property, homes, shops, leisure, community facilities and open spaces were all included in the submission, designed by Make Architects.
Its focal point will reportedly be a one-acre, publicly accessible square, located behind the Civic Centre, which is now under construction and is scheduled to open in June 2013.
Nationwide see the deal as underlining its commitment ‘to supporting the commercial property sector’ which ‘certainly hasn’t wavered despite the tough economic climate’, said its divisional director Bryce Glover.
Nationwide’s investment in residential and commercial property spans public and private sectors, with a loan book estimated to be worth over £22bn, registering transactions from £1m up to £50m.
