The masterplan, designed by Richard Rogers Partnership, envisages 3,727 new homes, with 40% allocated for affordable housing. It also includes 307,000 sf of leisure facilities including a new cinema, a 153,000-sf designer outlet mall and 86,000 sf mainstream retailing.

The new development will radiate off Wembley Park Boulevard, a new thoroughfare as wide as Regent Street, with a range of restaurants, cafes, bars, leisure facilities, shops and a hotel. This will be pedestrianised and closed to through traffic, apart from taxis, cyclists and buses. A new Arena Square will be created at the entrance to the refurbished Wembley Arena, and in front of the new stadium Stadium Piazza will provide more public space with cafes, bars and community uses.

Nick Shattock, Quintain's Property Director, said: "Our plans should transform the area and make Wembley the capital of North West London. We will provide a dramatically improved experience for the millions of visitors to the National Stadium and to our existing and future businesses on the site, which include Wembley Arena, Europe's most successful arena."