Developer and manager of residential for rent homes – Watkin Jones plc – provides a market update on developments of its purpose-built student accommodation (PBSA) since issuing its half-year results on 18 May 2021.
Continued delivery of developments on time despite Covid-19
Watkin Jones has completed and handed over 2,071 PBSA beds which are across five developments in Bristol, Cranfield, Edinburgh, Leicester and Sheffield.
Remaining FY21 PBSA developments include two schemes in Glasgow and Wembley, with a combined total of 1,121 students beds – which are on track to complete in September.
Achieving planning consents the PBSA portfolio
Watkin Jones has obtained planning for a 370 bed PBSA scheme in Swansea, and a 5 bed PBSA mixed use scheme in Bath.
Adding to the secured development pipeline
Watkin Jones has secured the following:
- A site in central Nottingham and planning submitted for a 354 bed PBSA scheme.
- A site in South London with the potential for c.750 PBSA beds – which is subject to planning.
- A site in East London with the potential for c.390 PBSA beds, subject to planning.
Secured development pipeline, excluding FY21 completions, now comprises 6,750 PBSA beds. Combined with the company’s Build to Rent pipeline, its total estimated future development value is c.£1.7bn.
Accommodation management – Fresh – continuing to expand
Fresh took over management of the Oldway Centre, a 556 bed PBSA property in Swansea for Midos Group. Fresh is currently contracted to manage c.22,000 student beds and Build to Rent apartments.
“Since our interim results we have continued to make good progress across the business. Our delivery teams have performed strongly, with the majority of our developments for delivery in the current financial year already completed. We have been active in acquiring high quality sites, securing planning and also forward selling to a broadening range of institutional investors, enhancing our development pipeline.”Richard Simpson, Chief Executive Officer, Watkin Jones