Watkin Jones has sold a circa 784-bed purpose-built student accommodation (PBSA) scheme in Glasgow to a newly-created joint venture between the company and Maslow Capital.
The Ard has a projected gross development value of circa £182m at completion and will generate secured revenues for Watkin Jones of approximately £115m 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.
Watkin Jones, which has a 5% 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 accommodation management business, 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.”
