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UK: Watkin Jones has sold a 784-bed purpose-built student accommodation (PBSA) scheme in Glasgow to a new joint venture between itself and Maslow Capital.
Called The Ard, the project has a projected gross development value (GDV) of around £182 million at completion and will generate secured revenues for Watkin Jones of approximately £115 million over the course of its three-year construction period. There is also the potential to generate further revenue through the sale of the property once completed.
The scheme will be built across two towers of 36 and 10 storeys on the site of a former tax office. At 114 metres high, the taller block will be the second tallest building in the city, after the Science Centre’s Glasgow Tower, and Scotland’s tallest residential building.
Watkin Jones, which has a five per cent stake in the joint venture, will be responsible for the delivery of the scheme through to completion. It will be managed by Fresh, the group’s operating arm, with completion targeted for the start of the 2028/29 academic year.
Alex Pease, chief executive officer of Watkin Jones, said: “This transaction represents a significant further step for the group as we seek to diversify our business model and create innovative development funding structures. Maslow Capital is an excellent partner for Watkin Jones, and their entry into a joint venture with the group is a great endorsement of our successful track record and extensive experience in residential development and construction.”
Highlights:
• Watkin Jones has sold a 784-bed purpose-built student accommodation (PBSA) scheme in Glasgow to a new joint venture between itself and Maslow Capital
• At 114 metres high, the scheme’s taller block will be the second tallest building in the city, after the Science Centre’s Glasgow Tower, and Scotland’s tallest residential building
• Watkin Jones, which has a five per cent stake in the joint venture, will be responsible for the delivery of the scheme through to completion. It will be managed by Fresh, the group’s operating arm, with completion targeted for the start of the 2028/29 academic year.
