Unite secures third LSAV joint venture scheme in London

18th Sep 2013 07:01

Student accommodation developer Unite has signed a deal with Schroders Real Estate Investment Trust (SREIT) for the acquisition of a one-acre development site in Wembley, North West London. The new site was acquired for £7.4m, has an estimated total development cost of £47m and is projected to deliver a 9% development yield in line with the group's target levels. The development, which is currently occupied by a car park, will provide accommodation for around 700 students along with 10,000 sq ft of retail space. Opening is targeted for 2016. The property will be developed by the London Student Accommodation Vehicle (LSAV), Unite's 50:50 joint venture with GIC. Following the acquisition of sites in Stratford and Islington, this is the third scheme to be secured within the LSAV joint venture, and achieves 65% of LSAV's target pipeline. The remaining schemes within the joint venture are on track to be secured by mid-2014, the group said. Richard Simpson, Managing Director of Property for Unite, said: "This development [...] demonstrates Unite's knowledge and experience in sourcing the best locations for student accommodation. "As well as being a key milestone in the group's development strategy, this site is close to the shops, entertainment and excellent transport links of Wembley Park, including the London Designer Outlet, and will strongly appeal to students."NR