Degree

Unite gets planning permission for Wembley student accommodation development

Unite has secured a resolution to grant detailed planning consent for 200,000 square feet of student accommodation comprising 699 rooms, without onerous conditions, on a one-acre plot in Wembley.

Unite exchanged contracts to purchase the plot from the Schroder Real Estate Investment Trust in September 2013 for a base price of GBP7.4 million.
 
The purchase was subject to Unite obtaining detailed planning consent for 200,000 sq ft of student accommodation comprising approximately 684 rooms without onerous conditions.  
 
The purchase price has subsequently increased to GBP7.56 million including coverage, compared with a valuation as at 31 March 2014 of GBP6.25 million. 
 
The only remaining condition is expiry of the planning judicial review period 22 May 2014. 
 
The contract between Unite and Schroders has a fixed completion date of 1 August 2014.

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