Global alternative investment manager Cheyne Capital have announced a joint venture with Regal to finance a purpose-built student accommodation (PBSA) development on High Road in Wembley. The residences have been designed with student experience and wellbeing at the forefront.
Located a short distance from universities, the development will be comprised of two buildings with a total of 998 bedrooms. The project includes gardens, greened street-side terraces, a gym, a multi-use studio, lounge and dining room. It will also offer an array of study spaces and a community studio space to rent.
Planning permission was granted for the first building at the end of 2022, and the second at the end of 2023. Construction is expected to begin later in 2024 and is due to be completed in time for the 2027/28 academic year.
“We are delighted to be partnering with Regal again for one of the largest PBSA developments in London. The development will provide an elevated living experience to students within a short distance of London’s leading universities.
“Regal is an experienced and longstanding partner of ours with a strong track record. They share our commitment to providing high quality schemes which support and benefit local communities. We look forward to continuing to work together on this project.”
Hamish Gordon, Cheyne Real Estate
The project, which marks Cheyne’s sixth partnership with Regal, will be targeting BREEAM ‘Excellent’ and an EPC rating of A. It will seek to be among the first PBSA projects in the UK to be WELL Platinum Certified.
The development is part of Regal Students, the business’s PBSA development division. The developer’s in-house construction arm is Regal Construction, and Regal Academies includes onsite construction skills academies.
“We pride ourselves on our long-term partnerships, and to be working with Cheyne on our sixth collaboration is a fantastic milestone.
“We have a shared determination to create sustainable projects where the benefits go beyond the red line and to deliver best in class value for all our stakeholders, local communities included. With Cheyne’s partnership and support, we look forward to continuing to deliver successful projects across the capital.”
Mark Eden, Investment Director, Regal
This news follows Cheyne’s two loans earlier this year to Dominus, to develop two PBSA schemes in London.
