Magnet Networks announces fibre broadband for Wembley development
Magnet Networks has this morning announced it will be offering a Fibre to the Home (FTTH) service to a development in Wembley. The service will be operated by Velocity 1, a company in which Magnet Networks will retain a 90% ownership whilst the developer of the site, Quintain Estates and Development PLC, will retain a 10% shareholding.
The company already provides services to 500 apartments and a student accommodation complex next to Wembley Stadium as well as a number of local businesses in the area. It aims to expand the service to other Quintain Estates sites.
Magnet claims to be the first provider in Ireland to build a fibre-to-the-home network now available in over 12,000 premises, which it says makes it the largest FTTH provider in Ireland. The new services are expected to include 30, 50 and 100 Mbps packages.
Increasingly, developers are engaging with broadband providers to offer super-fast broadband and entertainment services to new residents. This model can benefit from great investment in infrastructure which can be installed during building works. The only danger is that by tying companies into exclusive arrangements, it may restrict choice and competition in the longer term, unless an open infrastructure is created.