Greystar Acquires a Site in Wembley Park.
|Created At:||08 May, 2023|
|Created By:||Samir Badawy|
Greystar, one of Europe’s leading real estate companies, has recently purchased a site in Wembley as part of their Pan-European fund, GEPE, for an undisclosed sum. Greystar’s new building is set to be completed and operational in September 2023 and has benefited from the 770-bed PBSA scheme's permission. The site was initially acquired by Quintain, which received planning approval in December 2022; this was part of a programme set to regenerate Wembley Park.
The building is set to be a 20-story building and will include many facilities and services to provide you with a unique and memorable stay. The facilities include two lounges to socialise and catch up with friends, private dining areas to enjoy excellent meals, a gym to keep fit, a screen room to watch your favourite movies and TV shows, podiums, and a games area to enjoy fun times with friends.
For a calm study session, the property also provides study areas. The property also has multiple social spaces, cycle storage spaces, and external gardens, ideal for spending time outside when the weather’s nice.
Greystar’s brand Canvas will manage the property, adding to its 283-bed portfolio. This building scheme has been designed to follow the BREEAM Excellence rating, the quality assurance rating given to new non-domestic properties in the UK.
Why the Focus on London?
London is the UK’s busiest student accommodation city, with the highest demand, leading to a shortfall of 178,000 beds in student housing. Greystar’s acquisition of the Wembley Park site is an essential step towards developing the city’s PBSA, or purposely built student accommodation sector.
Surrounding Area to the Building
The property will be set in the North East Lands development, near the seven-acre Union Park. The site will be part of a 12-acre district in the established neighbourhood of Wembley Park. From the property, you can reach the nearby Wembley Stadium and Wembley Park, which are a four-minute walk from the property.
The property is near the metro lines Jubilee and Metropolitan, which will take you to Central London and its various university campuses.
Greystar is one of the leaders in investing in the PBSA industry in Europe, focusing on London due to its shortage of student accommodation and having 120,000 student beds globally.
The company entered the UK market in 2013, owned the successful Chapter Living brand, and started its other brand, Canvas, in 2021. Greystar also owned part of IQ until 2020 and acquired the UK’s third-largest student housing provider, Student Roost, in December 2022.
London is not just one of Greystar’s prime focuses due to its PBSA shortage but also due to it being among the world’s biggest markets, its world-class education, which attracts thousands of students both domestically and internationally, and the city’s diversity and rich culture.
Greystar’s new Wembley Park expansion is a new addition to the company’s presence in the northwest of London, with one of their PBSAs in the area being Canvas Wembley.