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Watkin Jones Sells Wembley Development

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Watkin Jones has completed the forward sale of a purpose-built student accommodation development in Wembley.

The company said the consideration payable to Watkin Jones over the course of the project would be around £90m, net of client funding and acquisition costs.

The brand-new student accommodation is expected to be delivered in time for the 2021-22 academic year and will deliver a margin in line with target returns.

Once delivered, the scheme will be managed by Fresh Student Living, which acts as the group's accommodation manager.

The Wembley scheme has planning permission for 599 student beds, along with associated amenity and management space.

The purpose-built student accommodation forms part of a wider mixed-use site that also contains build-to-rent apartments.

The sale to DWS represents the company's first UK PBSA acquisition and marks a significant step towards the company's strategy of investing in sector in both the UK and Ireland.

Commenting on the deal, Richard Simpson, chief executive at Watkin Jones, said: "The Wembley regeneration story is remarkable and it is firmly established as a destination of choice by students for their accommodation."

"Our track record in developing into the robust UK PBSA sector is well proven as this transaction highlights."

"We look forward to deepening our development pipeline and leveraging our expertise further."