Schroder Real Estate Investment Trust has sold a one-acre site for student accommodation in Wembley to Unite Group for £7.6m.
SREIT secured planning permission for a change of use from a car park to 200,000 sq ft of student accommodation in July last year. The site is non-income producing, and proceeds from the sale will be re-invested into new acquisitions.
The land is part of a two-acre site owned by Shroders and was part of the Olympic Office Centre, which had a total valuation of £16.5m before planning permission was secured. This compares with a current valuation of £24.8m for the entire site.
Following the completion of the sale, Schroders continues to own the Olympic Office Centre and a remaining one acre site which has planning permission for 168 residential units. The site is also non-income producing and is currently up for sale.
sophia.furber@estatesgazette.com
