The car park site, which was bought for £7.4m, will provide a home for around 700 students along with 10,000 sq ft of retail space all within a 19-storey block.

Work on site is due to begin shortly to meet a scheduled completion in 2016.

The development fronts onto Olympic Way, which runs from Wembley Park underground station to the Stadium, alongside the raised pedestrian walkway that is filled with spectators on match days and is within sight of the statue of 1966 England football legend, Bobby Moore.

It will be developed by the London Student Accommodation Vehicle, Unite’s 50:50 joint venture with GIC, the real estate arm of the Government of Singapore Investment Corporation.

TateHindle is the project architects, which acted for Unite through the planning process.

Jim Hindle, director at the firm, said:“Wembley Stadium is an iconic arena, known the world over.

“This mixed-use development has been designed to make a bold architectural statement alongside the Stadium and the recently completed Civic Centre and contribute to the extensive improvements to the public domain.”

The green light comes a day after developer Quintain struck a deal to start-up the next residential phase of its Wembley Park site.

Seven buildings containing 475 homes will be built on the plot, arranged around an acre of private gardens.