Watkin Jones forward sells developments for £66.3m

North Wales and Cheshire-based student property developer Watkin Jones has forward sold two developments for a total of £66.3m.

The group has exchanged contracts to sell a 618 student bend development in Pittodrie, Aberdeen to an unnamed institutional investor for about £51.1m.

The deal means Watkin Jones has now sold advance 2,599 of the 3,545 beds planned to be delivered during the financial year 2019, ahead of the 2019/2020 academic year.

Meanwhile the company has ofloaded the office element of the major project on Christchurch Road, Bournemouth for £15.3m ahead of its completion.

This forward sale completes the exit for the group from the Christchurch Road development. It included 454 beds of student accommodation, which were completed and handed over in August, 2017, as well as 129 hotel rooms for Premier Inn that has been forward sold.

Completion of the Premier Inn is targeted for January, 2018 and the office building for May, 2018.

Watkin Jones chief executive Mark Watkin Jones said: “The demand for high quality purpose built student accommodation remains strong and the Group continues to secure, forward sell and develop a diverse pipeline of high quality sites, providing excellent earnings visibility for our shareholders.”