Property developers Quintain Estates, part of the team chosen to regenerate the Millennium Dome site, has taken on the task of developing the Wembley entertainment complex.

Quintain said it had paid �48m ($67m) for the 44-acre Wembley site, which includes the Wembley Arena concert hall and conference centre.

Wembley Arena is a listed building, and it's good and profitable

Nick Shattock, Quintain

The deal does not include Wembley Stadium, which is due to be redeveloped by a separate consortium backed by a German bank.

Quintain said it was considering building up to 3,000 homes and new leisure facilities on the Wembley site.

The firm is due to draw up detailed plans which it will submit for approval within the next year.

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But the company said Wembley Arena, one of London's most popular live music venues, would continue to operate as normal.

"Wembley Arena is a listed building, and it's good and profitable," Quintain chief executive Nick Shattock told BBC News Online.

The project is expected to take between five and 10 years to complete.

Quintain said it was keen to help with negotiations over the redevelopment of Wembley Stadium, which occupies an adjacent site.

"The Wembley Stadium project will find us a co-operative neighbour," Mr Shattock said.

Quintain's latest venture depends to a large extent on the success of the Wembley Stadium revamp, which has been dogged by planning disputes and cash shortages since it was first mooted six years ago.

Quintain bought the Wembley site from Wembley plc, which is selling off some of its assets in order to focus on its core track-based gaming business.

In the City, Wembley plc shares closed 10p higher at 615p, while Quintain stock ended unchanged at 230p.