Greystar acquires site for PBSA in Wembley Park

Greystar acquires an attractive site in Wembley Park from Quintain, to deliver a purpose-built student accommodation scheme.

CGI of the new Wembley PBSA develolpment. Greystar has acquired the site from Quintain to deliver the scheme | PBSA News
CGI of the new Wembley PBSA develolpment. Greystar has acquired the site from Quintain to deliver the scheme.

Greystar has acquired a site in Wembley Park from Quintain on behalf of its pan-European residential fund GEPE I for an undisclosed sum. Greystar exchanged contracts with Quintain in early April. The site has 100% market rent purpose-built student accommodation (PBSA) planning consent – Quintain received planning permission in December 2022.

Greystar will build a 20-storey PBSA development on the site, which will deliver 770 beds and 7,480 sq ft of internal and 9,096 sq ft of external amenity space. Demolition at the site has completed and McAleer & Rushe has been appointed as construction partner. With first occupancy expected from September 2025, works are set to start immediately.

Amenities at the scheme will include two lounges, a gym, screen room, games room, private dining space, communal study area, space for socialising, cycle storage spaces and external gardens and podiums.

Greystar intends to operate the new PBSA scheme under its Canvas brand, complementing its existing adjacent 283-bed PBSA site in the Wembley Park area.

Now an established neighbourhood, Wembley Park is increasingly popular amongst students. The site is set within the North East Lands development – part of a 12-acre district that will deliver 2,347 residential units of varying tenures next to the biodiverse seven-acre Union Park.

The site is located close to Wembley Stadium and is a four-minute walk to Wembley Park tube station, which offers access to the Jubilee and Metropolitan lines with easy access into Central London and its universities.

Greystar’s investment reflects the ongoing attractiveness of London, characterised by an acute shortage of high-quality student accommodation – and the capital’s status as the top global capital city for overseas students with its world-class universities and higher education institutions, as well as its rich culture, vibrant entertainment and career opportunities. 

“The PBSA sector is undergoing a period of resurgence after the disruption of Covid-19, and this can clearly be seen in the UK where demand continues to outstrip supply. In London, the UK’s largest student market, university applications are now at seven times pre-pandemic levels, and we expect a PBSA shortfall of 178,000 beds in the capital alone.

“The Wembley Park scheme is one of the few developments in London under construction currently, and the strategic acquisition expands our existing presence in Northwest London where we successfully operate Canvas Wembley.

“With an existing portfolio of over 120,000 student beds globally, we are well positioned to leverage the opportunities ahead in PBSA – one of our highest conviction investment strategies globally.” Since entering the UK PBSA market in 2013, Greystar has successfully grown its Chapter Living brand in London, built the Canvas brand in 2021 and part-owned IQ Student Accommodation until 2020.

Ben Mowbray, Senior Director- UK Student Investment, Greystar

In February 2022, Greystar began work on its Chapter London Bridge scheme, and later in the year acquired Student Roost from one of Brookfield’s real estate private funds for a new joint venture.