The Schroder Real Estate Investment Trust (SREIT) has secured planning permission for its two applications submitted to Brent Council in connection with the Olympic Office Centre in Wembley and the adjoining site.
These comprise an outline consent for a 400,000 sq ft mixed use scheme on the site together with a detailed consent for a new multi-storey car park at the base of the Olympic Office Centre. Brent’s Planning Committee resolved to delegate the agreement of the level of affordable housing and the section 106 agreement to planning officers.
SREIT has agreed to sell a one acre plot, comprising part of its Wembley site, for GBP7.4m to a wholly owned subsidiary of The UNITE Group. As a result of this planning approval, UNITE will now make a detailed planning application for 200,000 sq ft of student accommodation comprising approximately 684 rooms and ancillary retail. Completion of the disposal to UNITE is conditional upon them achieving a detailed planning permission.
In parallel with UNITE’s detailed planning application SREIT will work up plans for its remaining one acre site that is capable of being developed or sold in isolation. The outline consent for this site totals 200,000 sq ft and permits a range of uses including residential, hotel and offices.