8th May 2014 09:23
LONDON (Alliance News) - Schroder Real Estate Investment Trust Limited said Thursday it has moved a step closer to selling its development scheme in Wembley, after The Unite Group PLC was granted planning consent for a 699-room student hall of residence at the site.
On September 18, 2013, Schroder announced that it had exchanged contracts to sell the one acre plot, but said the deal was subject to Unite securing detailed planning consent for 200,000 square feet of student accommodation comprising approximately 684 rooms. Unite subsequently secured consent for 699 rooms.
Schroder said this increased the sale price to GBP7.6 million from GBP7.4 million including overage, compared with a valuation at March 31 of GBP6.3 million.
Schroder said the only remaining condition outside of its control is expiry of the planning Judicial Review period on May 22. The contract with Unite has a fixed completion date of August 1, it said.
Schroder Real Estate was quoted at 53.64 pence Thursday morning, down 0.11 pence or 0.2%. Unite was quoted at 430.63 pence, down 3.60 pence or 0.8%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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