This is a mixed use development incorporating student accommodation and commercial units over three sites. This development includes 346 studio apartments, 6 one bedroom apartments, 3 2 bedroom apartments and 102 cluster flats, providing a total 972 bed spaces.
This project is a Student Accommodation development with ancillary uses, located just outside Bath City Centre. The development comprises of 108 studios – 94 Student studios and 14 residential studios. This development measures approximately 1316 square meters.
We are delighted to announce that our Student Accommodation development, Tower Wharf in Chester has achieved Practical Completion – 3 weeks ahead of schedule! A huge thank you to all who have been involved on this project!
Yesterday we were delighted to present a cheque to Rob from Happy Days Children’s Charity. The charity will use this donation towards a course at an outdoor learning centre, for Children on the autistic spectrum. This course will provide the Children with a variety of skills they cannot learn in a school environment and will help with their social skills and development, later in life.
This project in Glasgow is a single building of 440 beds, ranging from 8 to 12 storeys, also providing a retail unit at street level.
The project consists of an RC frame, clad with face brick façades & Plean pre cast panels to Ground floor and High level.
The team will complete all hard and soft landscapes for the last week in July 2017 and with the internal fit out going well they aim to hand the building to Curlew (Client) for a planned PC date of 1st August 2017.
We are pleased to announce that the Group has completed the forward sale of a portfolio of six developments to an institutional investor, the Europa Generation Student Fund, for a gross development value of £165 million.
The consideration payable to Watkin Jones over the course of the developments is circa £153 million, net of client funding costs.
The Europa Student Generation Fund is a joint venture by Europa Capital and Generation Estates Limited to invest in prime purpose-built student accommodation in the UK.
The six properties are Caledon House in Aberdeen (199 beds), Bailey Fields in Sheffield (543 beds), Market Street in Newcastle (225 beds), Midland Road in Bath (108 beds), Oxford House in Bournemouth (486 beds) and Between Towns Road in Oxford (144 beds)
Mark Watkin Jones said: “We are delighted to announce that we have successfully completed the sale of a portfolio of six student accommodation developments to Europa Generation Student Fund for a gross development value of £165 million. The Group has now forward sold all of our developments that were planned for completion by September 2018. In addition, with the Between Towns Road, Oxford development for delivery in 2019, the number of developments forward sold for delivery before September 2019 has moved to 21, which represents 6,794 beds.
“This sale demonstrates that the Group continues to benefit from having very strong and growing relationships with institutional investors, as well as our ability to provide excellent earnings visibility for our shareholders.”
The Watkin Jones Group has reported growth in pre-tax profit in its interim results, this was boosted by an impressive performance from our student accommodation developments.
The company’s results for the six months to 31 March 2017 show that statutory profit rose to £21.2m from a loss of £9.9m in the same period during 2016. Adjusted EBITDA grew from £17.3m to £21.9m.
Revenue dipped from £145.9m to £133.7m, however this is due to the timing of our forward development sales and £11.7m of non-repeating inventory sales. We expect revenues to be stronger in the second half of the year.
Our growth in profitability was driven by our Student Accommodation Developments. During the six-month period, seven student schemes totalling 2,580 beds were sold at a value of £216m.
Mark Watkin Jones said: “The group has seen good profit growth in the first half, driven by our student accommodation developments which are fundamental to the business.
“We are seeing increased institutional demand for good quality purpose built assets, and there are several new international funds that have entered the market recently, which highlights the continued attractiveness of the sector.
“We are encouraged by the progress we have made in the build-to-rent sector and we are pleased that the group has already secured an excellent site in London, with solid progress also being made on a number of other specific development projects.”
Congratulations to the South Wales and South West division in achieving Practical Completion today!
The contract completion date of the 31st August was improved by 15weeks.
The team included Richard Ingram, who started the scheme then moved on to Bridge Street, Cardiff. Dylan Williams continued the development then moved onto Bagot Street, Birmingham. The development was completed by Ross Bladen and Nigel Treharne.
Also Matt Lewis contracts manager and Rhodri Thomas Senior Quantity Surveyor and Karen Jackson, Office Manager.
A huge thankyou to all involved for your continuous hard work! What a fantastic achievement!
Take a look at the photos of the completed scheme below