Cheyne Capital (Cheyne) enters into a joint venture with Regal to finance a purpose-built student accommodation (PBSA) development on High Road, Wembley.
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, a lounge and dining room along with an array of study spaces and a community studio space to rent.
The project, which marks Cheyne’s sixth partnership with Regal, will be targeting BREEAM ‘Excellent’ and an EPC rating of A and will seek to be among the first PBSA projects in the UK to be WELL Platinum Certified. 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 to welcome the first residents at the start of the academic year 2027/28.
The development is part of ‘Regal Students’, the business’s Purpose-Built Student Accommodation development division, which sits alongside ‘Regal London’, comprising Regal’s residential assets; and ‘Regal Workspace’ its office division. The developer’s in-house construction arm is ‘Regal Construction’, and ‘Regal Academies’ includes onsite construction skills academies.
Hamish Gordon of Cheyne Real Estate commented: “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.”
Marc Eden of Regal commented: “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.”
Image provided by Prosec.
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