Unite has agreed the buy the one-acre site, subject to planning consent, from Schroders Real Estate Investment Trust (SREIT) for £7.4m. The site is currently occupied by a car park.
Estimated total development cost is £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’s 50:50 joint venture with GIC. Wembley Park is LSAV’s third scheme, following the acquisition of sites in Stratford and Islington. It achieves 65% of LSAV’s target pipeline. The remaining schemes within the joint venture are on track to be secured by mid-2014.
LSAV plans to invest £330m in London development activity by 2017.