WJG announces the forward sale of a portfolio of developments

We are pleased to announce that the company has completed the forward sale of a portfolio of four purpose-built student accommodation development schemes with an option agreement for a fifth scheme conditional on full planning consent for a total of 2,163 student beds.

The purchaser is a new client and is a joint venture between KKR and Round Hill Capital. This is the first student housing transaction for KKR and Round Hill through their JV in the United Kingdom.

The transaction price for the four forward sold developments is circa £180 million net of purchaser funding and transaction costs. There will be additional consideration in respect of the Bristol scheme once the option is exercised.

This represents the largest single transaction the company has completed in both number of beds and price and demonstrates Watkin Jones continued market leading presence in the UK PBSA market. This is the culmination of nearly a year’s work from across the Group including; Investment, Newmark, Planning and the North & South, North West & Midlands, South West & South Wales construction divisions. The portfolio is one of the most complex the group has packaged for sale and KKR and Round Hill Capital represent a new and very high profile investment partner. The scale and the magnitude of the construction projects are testimony to the Group’s strengths and abilities. The board would like to offer their thanks to all those involved.

The portfolio consists of 2,163 student accommodation beds and associated commercial use classes.  Four of the schemes have planning consent granted with Bristol in the planning process.  Further information on the five developments is detailed in the table below:

Development No. of beds Delivery date
Kyle Street, Glasgow  

401 (341 clusters / 60 studios)

 

 

September 2019

Albion Way, London 283 (245 clusters / 38 studios)

 

September 2020
Forest Road, London 353 (298 clusters / 55 studios)

 

September 2020
Whitefriars Lane, Coventry 778 (681 clusters / 97 studios)

 

September 2020
Wilder Street, Bristol 348 (303 clusters / 45 studios) September 2021

 

Stratford Original – Community Fund Award

Stratford Original was awarded the Community Fund last month, to make Stratford a better place for business, to work, live and play.

They completed their way finding mural on Duncan House on Tuesday 25th September.

Doesn’t it look amazing!? Well done to those involved.

Duncan House, Stratford – Tower Crane Dismantling

Last week saw the dismantling of the tower crane at Duncan House in Stratford!

Oxford House, Bournemouth achieves Practical Completion!

Oxford House, Bournemouth achieved Practical Completion on Friday 14th September 2018.

This development has 410 bedroom, 76 studios , 72 cluster kitchens, common room, study room, management suite, launderette, roof terrace and 2 levels of underground car park. This also compromises of 3 floors of commercial offices.

Congratulations and well done to all those involved!

Duncan House, Stratford – Topping Out Ceremony

On Wednesday 19th September we hosted the analyst event, at Duncan House in Stratford.

This event was hosted alongside our Topping Out Ceremony.

Thank you to those who were involved with the running of such a great day!

Market Street, Newcastle achieves Practical Completion!

Market House, Market Street, Newcastle achieved Practical Completion on Friday 14th September 2018.

This development has 225 bedroom student accommodation consisting of 47 studios, 1 DDA room and 177 cluster beds.

Congratulations and well done to all those involved!

White Friars Lane, Coventry – Update

The new Coventry Girls and Boys club is progressing well with the frame complete and masonry commenced.

The Lord Mayor visited site with the Boys club representatives on 4th September 2018 to lay a foundation stone. (news report – https://www.coventrytelegraph.net/news/coventry-news/coventry-boys-girls-club-brick-15108720 )

Duncan House Stratford – Topping Out Ceremony

We are excited for our Topping out ceremony on Wednesday 19th September!

The ceremony is arranged to celebrate the last beam being placed at the top of the building and the overall completion of the building shell.

Expected completion in July 2019 , this scheme provides 511 beds of purpose built student accommodation, 23 private residential apartments and 22 affordable shared ownership housing apartments.

The scheme also provides 2,786 sqm, 4 story academic block designed to accommodate teaching spaces, lecture theatres and fully serviced dining facilities.

Thames Quarter, Reading – First Update

The cabins are all set up on site and we held our first meeting with M&G Real Estate last week and needless to say they were impressed already!

(Anyone else think it’s always blue skies in Reading?)

Piling works have commenced!

 

 

 

 

 

And check out this great view of the site!

The Exchange, Bridge Street, Cardiff’s tallest completed building reaches Practical Completion

Day or Night

The Exchange, Bridge Street, Cardiff’s tallest completed building reaches Practical Completion!

 

 

 

 

 

 

Looking good day or night we are delighted to announce that the first phase of the Bridge Street Development in Cardiff achieved Practical Completion on time on the 31st August 2018. This prestigious City Centre development provides 477 student beds, management suite, study areas, roof terraces, karaoke room, common rooms and associated highways and public realm works. The build utilised 9500m3 concrete, 1800 tonnes reinforcement and 6500m2 unitized façade.

Phase 2 of the development consisting of an Alcohol treatment centre and retail units are due for completion on the 30th September 2018.

A huge well done and thank you to all the team involved.