Unite has agreed the buy the one-acre site, subject to planning consent, from Schroders Real Estate Investment Trust (SREIT) for 拢7.4m. The site is currently occupied by a car park.
Estimated total development cost is 拢47m, providing rooms for700 students along with 10,000 sq ft of retail space. Targeted completion date is 2016.
The property will be developed by the London Student Accommodation Vehicle (LSAV), Unite鈥檚 50:50 joint venture with GIC. Wembley Park is LSAV鈥檚 third scheme, following the acquisition of sites in Stratford and Islington. It achieves 65% of LSAV鈥檚 target pipeline. The remaining schemes within the joint venture are on track to be secured by mid-2014.
LSAV plans to invest 拢330m in London development activity by 2017.
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