Schroder Real Estate Investment Trust secures planning consents at Wembley site (UK)

The Company announces that it has received resolution to grant planning permission for its two applications submitted to Brent Council in connection with the Olympic Office Centre in Wembley and the adjoining site.

As set out in the Company’s announcement on September 18, 2013, these comprise an outline consent for a 400,000 ft² (approx. 37,160 m²) mixed-use scheme on the site together with a detailed consent for a new multi-story car park at the base of the Olympic Office Centre. Brent’s Planning Committee resolved to delegate the agreement of the level of affordable housing and the section 106 agreement to planning officers.

Also as announced on 18 September, the Company has agreed to sell a one acre plot, comprising part of its Wembley site, for £7.4 million to a wholly owned subsidiary of The UNITE Group plc (‘UNITE’). As a result of this planning approval, UNITE will now make a detailed planning application for 200,000 ft² of student accommodation comprising approximately 684 rooms and ancillary retail. Completion of the disposal to UNITE is conditional upon them achieving a detailed planning permission.

In parallel with UNITE’s detailed planning application the Company will work up plans for its remaining one acre site that is capable of being developed or sold in isolation. The outline consent for this site totals 200,000 ft² and permits a range of uses including residential, hotel and offices.

This resolution to grant consent from Brent Council is a significant step forward for the Company’s strategy to maximise value from the substantially non-income producing sites.

Source: FTI Consulting

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