It will be the largest single-site purpose built development in the UK, with 3,000 of those aimed to be under construction by the end of the year now planning permission has been secured.
Developers Quintain claim the full project will be delivered over the next seven years "at a pace not seen by any other developer in London".
Mayor of London Sadiq Khan said: "This development will provide 5,000 much-needed private rented homes for Londoners.
"It will take time to fix the housing crisis, but at City Hall we are committed to help deliver schemes like this that will increase the supply of homes across the capital."
The plan also includes a new seven acre public park, a landscaped London square, a three-form entry primary school, 200 additional nursery places, a GPs surgery and a wide range of shops, restaurants and workspaces.
Quintain’s build to rent business, Tipi, already manages 141 apartments at Wembley Park which are fully let.
Perks include no agency or inventory fees for renters with Quintain, who have already invested £900 million in the Wembley Park transformation.
It is expected that on completion, Wembley Park will have created more than 8,500 permanent new jobs, not including all the construction jobs.
Councillor Muhammed Butt, leader of Brent Council, said: "To have 3,000 new homes under construction in one location this year shows just how in demand Wembley Park is as a place to live and it is comforting to know that with professional management in place, we won’t have a single rogue landlord.
"I have been hugely impressed with the quality of homes being built at Wembley Park and Quintain has also made a huge investment to upgrade all the public spaces around the area to bring the place alive with events, shops, workspaces and other attractions.
"Wembley Park is a huge success story for Brent, bringing real benefits to our residents and visitors and a new economic engine to the area and I would urge all Londoners to take a look at the area which has been transformed over the last decade."
Wembley Park development: The numbers
- Quintain has planning permission for a total of 6,955 homes at Wembley Park, of which 995 homes have already been completed and occupied and a total of 4,874 homes will be build to rent
- 759 rental homes to be built but available at a discounted rate as part of the affordable homes package agreed with Brent Council and the Greater London Authority
- 2,081 OTHER homes, in addition to the 4,874, will be either for sale, shared ownership or managed by a housing association
- 606 of these homes for social rent to be available through a housing association, of which 122 have already been completed
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