Travers Smith LLP has advised Metropolitan on the deal.
The transaction concerned a 25-year contract with Quintain to adopt and operate the large-scale district heating network for the transformational Quintain development at Wembley Park.
The regeneration project will revolutionize Wembley Park and the area around the National Stadium. The heat network will serve 5,200 new homes, developed by Quintain at the site, and has the capability to serve 90,000 sq. ft. of retail and Grade-A commercial buildings. The flexibility of Metropolitan’s approach enabled a new service framework for Quintain’s innovative heating solution to serve the majority of Wembley Park. Wembley Park will be the largest Build-to-Rent development on a single site in the UK with the apartments managed by award-winning rental management platform, Quintain Living. The remaining homes are, and will be, a mixture of tenures including discount market rent, affordable rent and key-worker homes from London Borough of Brent and for sale properties. The large plant room at Wembley Park contains two 1.5MWe CHP engines and three 10MW gas boilers, which will be brought into use as the development grows.
District heating networks form a key part of the UK government’s drive to reduce carbon emissions and Travers Smith has advised on district energy schemes at developments across London, including at King’s Cross, Colindale Gardens and Hallsville Quarter.
The Travers Smith team was led by Commercial IP & Technology partner Richard Brown (Picture) with support from Senior Associate Richard Offord. Other team members included Real Estate Senior Associate Emma Sykes who advised on the property related elements of the project.
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