Designed for Thames Valley University (TVU), the Paragon project will create 839 student bedrooms, 221 key-worker apartments, a 12,000m 2academic facility and nearly 300m 2of retail space.
Once complete, the university hopes to move its Faculty of Health and Human Sciences to the site, where it will train nurses and midwives for London's hospitals as part of a 10-year teaching contract with the NHS.
Situated adjacent to the M4 flyover, developer Berkeley First hopes the scheme will become an 'iconic landmark' at the western gateway to the capital.
Matthew Biddle, managing director for Berkeley First, said: 'We are delighted to have exchanged contracts with TVU, securing the delivery of this exciting opportunity.
'Paragon will not only provide a landmark new campus, but also desperately needed, quality homes for London's key workers, without reliance on grant funding.'
Should the project run to schedule, it is expected the majority of the student accommodation will be handed over by September 2006.
The academic facility is due to open its doors in March 2007.