Forward sale of 1.6-acre Wembley scheme kicks off

By James Buckley - Thursday, October 05, 2017 14:30

Colliers International has been instructed to forward sell 1st Way Campus, a 678-bed student housing development in Wembley that also includes offices for the University College of Football Business for £101m, CoStar News can reveal.

Cole Waterhouse, the UK developer and asset manager, has opted to sell the 1.6-acre site for a net initial yield of 5.1%.

1st Way Campus sits in the centre of the Wembley Park regeneration area. In addition to student beds the scheme will provide office space for the University College of Football Business, which has prelet 60% of the office space at the stadium. UCFB has agreed a 10-year lease with a break at five with annual RPI rental increases with a cap and collar at five and three years.

Wembley Park has been identified as one of London's growth areas. With a £2.5bn redevelopment plan of the areas around the stadium, Quintain will deliver 4,850 new homes, 650,000 sq ft of new offices, two new hotels and a seven-acre public park in the next five years.

The freehold site has 37,000 sq ft of academic and commercial space and is due for completion in 2019.

Last month, The University College of Football Business, the first higher education institution in the world dedicated to degrees in the football, sport and events industries, lodged plans to redevelop two warehouses in Wembley as a major campus as it responds to an explosion in student applications.

The UCFB, the higher education body launched in 2011 by property tycoon chair Brendan Flood, is in talks to move to the Cannon Industrial Estate, close to the home of football Wembley Stadium.

Lichfields has lodged detailed plans on behalf of site owner Red Vale Property Development No2 Ltd to redevelop Cannon Industrial Estate, First Way, Wembley, proposing the demolition of the existing buildings and erection of a part 7/9/10/11 storey building, comprising educational use (Use Class D1), office use (Use Class B1(a)) and student accommodation (Use Class Sui Generis), with ancillary external landscaping.

The site comprises 0.65ha of partly vacant warehousing immediately opposite First Way, part of Quintain’s Wembley regeneration scheme.

Jbuckley@costar.co.uk

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