The Unite Group has exchanged contracts with Schroders Real Estate Investment Trust (SREIT) for the acquisition of a one acre development site in Wembley, North West London for £7.4m on which it intends to build student accommodation.

With an estimated total development cost of £47m the site, which is currently a car park, will be developed into a home for 700 students and with 10,000 sq ft of retail space.

It is scheduled to be opened in 2016 and will include communal space designed to enhance students' living and learning experience,
en-suite cluster rooms, WiFi internet and environmental features, such as LED lighting.