Half the new properties will be for private sale and half for council housing.
The deal will see construction of 250 homes on the old Copland School site, east of Cecil Avenue – of which 152 will be for private sale – and 54 units across the road at Ujima House for council housing.
The old Copland School site will become a mixed-tenure development of blocks around a courtyard, rising between five and nine storeys in height, with commercial units at street level.
Brent councillor Shama Tatler, cabinet member for regeneration, planning and growth, said:
“The vision is to revitalise the eastern end of the High Road of the town centre, linking the established Wembley Central to the new Wembley Park neighbourhood emerging around the stadium.”
Wates Residential regional managing director Nick Williams said that the homes would be “warm, comfortable and safe to live in”.
Wates is already building a development of 99 council flats at Church End for Brent Council.