Property investor DWS will pay Watkin Jones £90m for the purpose-built student accommodation scheme, released in phase during the course of the build, which is due to complete in 2021/22.
The mixed-use redevelopment of Kelaty House on First Way in Wembley has planning consent for the purpose-designed student rooms, a retail offering and substantial landscaped external communal area.
It forms part of a wider mixed-use site, which also includes the previously announced 300 build to rent apartments and associated underground car park which Watkin Jones is contracted to develop for Kelaty Propco – a Singaporean joint venture between Lum Chang Holdings and Sin Heng Chan.
Richard Simpson, chief executive officer of Watkin Jones, said: “We are delighted to partner with DWS in the forward sale of our Wembley PBSA scheme.
“It is significant that a global institution has invested in their first student accommodation scheme in the UK by partnering with Watkin Jones for both the development and then the management of the asset. Our track record in developing into the robust UK PBSA sector is well proven as this transaction highlights. We look forward to deepening our development pipeline and leveraging our expertise further.”