Ahli United Bank Acquire Durham Student Accommodation
25th Sep 2018
Property developer Watkin Jones has agreed the sale of the student accommodation element of its Christchurch Road development in Bournemouth.
The development consists of 454 beds, with 437 en-suite clusters and 17 self-contained studios. The accommodation is due for completion in the summer of 2017 ahead the new academic year.
The student accommodation element of the development has been sold to an institutional investor for an undisclosed fee. Also, situated on the Christchurch Road site will be a 128-bed Premier Inn hotel and 70 sq ft of office space.
Planning permission for the site was originally attained in 2015, along with permission for two other developments. This latest sale means that all of Watkin Jones' student accommodation developments due for delivery before the end of the current financial year have been forward sold.
Commenting on the sale, chief executive Mark Watkin Jones said: "We are delighted to announce that we have successfully completed the sale of the student accommodation development at Christchurch Road in Bournemouth.
"Having now forward sold all of our projects which are due for delivery in the current financial year, the group has demonstrated its strong relationships with institutional investors and its ability to provide good visibility on near term returns for its shareholders."
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