Greystar to build new PBSA in Wembley Park

Greystar Real Estate Partners has acquired a site at Wembley Park from Quintain to build a new 20-storey purpose-built student accommodation (PBSA) for an undisclosed sum. The new site will include 770 beds alongside 7,480 sq. ft. of internal and 9,096 sq. ft. of external amenity space. The scheme is designed to a BREEAM Excellent rating and features two lounges, a gym, a screen room, a games room, private dining space, a communal study area, space for socialising, cycle storage spaces, and external gardens and podiums. According to the real estate firm, the site benefits from 100% market rent PBSA planning consent, with permission obtained by Quintain in December 2022, and forms part of the wider Wembley Park regeneration programme. Demolition at the site is completed and McAleer and Rushe are appointed as the construction partners. On-site development will begin immediately, with first occupancy from September 2025. Greystar stated that it intends to operate the asset under the Canvas brand to complement its existing adjacent 283-bed PBSA site in the Wembley Park area. It also claimed that it has "successfully grown" its Chapter Living brand in London, built the Canvas brand in 2021, and part-owned IQ until 2020 since entering the UK PBSA market in 2013. In December 2022, it also completed the acquisition of Student Roost, the UK’s third PBSA accommodation provider, from one of Brookfield’s real estate private funds for a new joint venture. Ben Mowbray, senior director of UK student investment at Greystar, said: "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."

Greystar to build new PBSA in Wembley Park

On-site development will begin immediately, with first occupancy from September 2025

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