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UK: Watkin Jones has secured £60 million of new contracts as demand grows for student accommodation refurbishment and fire safety upgrades across the UK.
The company has signed six contracts during the second half of its financial year. Five of the projects will be completed under its Refresh division, which focuses on the refurbishment, fire safety, remediation and asset improvement of purpose-built student accommodation (PBSA).
The contracts cover around 1,750 student beds across Birmingham, Edinburgh, Newcastle and Glasgow. Projects aim to enhance fire safety and fire sustainability of current student accommodation and to increase quality of existing student accommodation.
Watkin Jones has also partnered with Marick Real Estate to develop a Staycity aparthotel in Oxford city centre, expanding its activity beyond the student accommodation sector.
Alex Pease, chief executive of Watkin Jones, said: “The signing of six new contracts, with a combined value of £60m at margins in line with guidance, signals further progress of our strategy to diversify the business.”
The company said the new contracts strengthen its future pipeline while current construction projects continue to perform as expected. It has also brought forward the purchase of some materials and subcontractor packages to help reduce the impact of inflation on future projects.
Highlights:
- Watkin Jones has secured six contracts worth £60 million, including five student accommodation refurbishment and fire safety projects through its Refresh division
- The refurbishment programme covers around 1,750 PBSA beds across Birmingham, Edinburgh, Newcastle and Glasgow, focusing on fire safety, sustainability and asset improvements
• Watkin Jones has partnered with Marick Real Estate to develop a new Staycity aparthotel in Oxford city centre, expanding its hospitality development pipeline - The new contracts strengthen Watkin Jones’ forward pipeline, with the company stating that current construction projects continue to perform in line with expectations
- Watkin Jones has accelerated procurement of selected materials and subcontractor packages to help reduce inflationary pressures on future student accommodation and aparthotel developments
