Schroder Real Estate Investment Trust has completed the disposal of a one acre site, comprising part of its two acre Wembley site, to a wholly owned subsidiary of The Unite Group for GBP7.56 million.
This compares to the independent valuation as at 30 June 2014 of GBP7.3 million.
The disposal is the successful conclusion of a strategy for the subject site where the company secured outline planning consent for change of use from a car park to 200,000 sq ft of student accommodation. The subject site is non-income producing and proceeds will be redeployed into income producing investments that are currently under consideration.
Immediately prior to securing outline planning consent in June 2013 the subject site formed part of the Olympic Office Centre with a combined valuation of GBP16.5 million. This compares to the current combined valuation and sale price for the Olympic Office Centre and two sites of GBP24.8 million.
Following completion of the disposal the company continues to own both the Olympic Office Centre and the remaining one acre site, with the latter benefitting from an outline planning consent for 168 residential units and ancillary accommodation totalling a gross internal area of 222,604 sq ft. This site also is non-income producing and is being marketed for disposal.