The site, which is targeted to open in 2016, will provide a home for 699 students alongside 10,000 sq ft of retail space as well as boost economic growth and create new jobs.
The site was acquired from Schroders Real Estate Investment Trust in September 2013 for £7.56 million, an increase from the £7.4 million acquisition cost previously announced due to overage calculated following the grant of planning.
It has an estimated development cost of £47 million and a projected development yield of 9%, in line with Unite’s target levels. The scheme will be developed by the London Student Accommodation Vehicle (LSAV), UNITE’s 50:50 joint venture with GIC.
Alongside Unite’s existing Islington and Angel Lane (Stratford) developments, this scheme in Wembley achieves 60% of LSAV’s target pipeline.
The Zone 4 site is just 13 minutes from Central London via Wembley Park Underground Station, with easy access to the capital’s universities.
It sits within the Wembley Park regeneration area which will see new offices, shops and homes built around the iconic Wembley Stadium to create a dynamic new neighbourhood and community.
The site is adjacent to the recently opened London Designer Outlet and when it opens, the student accommodation will be marketed at a competitive price point.
Richard Simpson, Managing Director of Property, said: “We are pleased to have secured planning for our Wembley development in this strong London location.
“The site works well for students as it is within easy access of the capital’s universities and close to the amenities, and excellent transport links of Wembley Park, including the recently opened London Designer Outlet.”
The property will include communal space designed to enhance students’ living and learning experience, en-suite shared flats, high speed Wi-Fi and LED lighting, throughout.