Student developer forward sells schemes for £90m

North Wales and Cheshire-based student property developer Watkin Jones has forward sold a development of 354 beds in Belfast and completed an agreement to deliver a 972-bed scheme in Sheffield for a total of about £90m.

The figure for the properties on Little Patrick Street in Belfast and Hollins Croft in Sheffield is net of client funding costs.

Both developments are due for completion for the summer of 2019 and, following these agreements, Watkin Jones have now forward sold 1,981 of the 3,545 beds planned to be delivered ahead of the 2019/2020 academic year.

All schemes to be delivered during FY17 and FY18 and ahead of the 2017/2018 and 2018/2019 academic years have been forward sold.

Chief executive Mark Watkin Jones said; “We are delighted to announce that we have successfully completed the forward sale of a development for 354 beds in Belfast and entered into a development agreement to deliver 972 beds in Sheffield for the same institutional investor.

“We now have revenue and earnings visibility on 1,981 of the 3,545 beds we plan to deliver in FY19, with the remaining beds having been secured and working through the early stages of our business model.”