The two firms aim to transform the 0.6 ha First Way site into a campus featuring academic facilities, flexible workspace and student accommodation.
At the centre of the development will be a 682-bed student village, split across four buildings ranging from six to 12 storeys in height.
The campus will also include a 300-person auditorium, seminar rooms, a gym, a library and an IT suite.
Cole Waterhouse chief executive Damian Flood said: “After being known for years only for the Wembley Arena and Wembley Stadium, the area is becoming increasingly popular with students, start-ups as well as being a great place to live.
“We saw this potential before acquiring our previous scheme in the area back in 2015 and continue to look for new opportunities in this and the surrounding areas.”
A planning application for the scheme is expected to be submitted in the next few months, with completion slated for mid-2019 if the project is given consent.