Watkin Jones has exchanged contracts to forward sell a 618-bed student development in Pittodrie, Aberdeen.
The sale, to an to an unnamed institutional investor, will net Watkin Jones £51.1m over the course of the development, which is due for completion in the summer of 2019.
Following the agreement, Watkin Jones has now forward sold 2,599 of its 3,545 beds planned to be delivered during FY19, ahead of the 2019-20 academic year.
The company said all schemes planned to be delivered during FY17 had been handed over successfully, and all schemes due to be delivered during FY18 and ahead of the 2018-19 academic year have been forward sold.
The group also announced the forward sale of the office element of Christchurch Road, Bournemouth, for £15.3m. This forward sale completes the exit for the group of the Christchurch Road development. This included 454 beds for student accommodation, which were completed and handed over in August 2017, as well as 129 hotel rooms for Premier Inn, which have been forward sold. Completion of the Premier Inn is targeted for January 2018 and the office building for May 2018.
Mark Watkin Jones, chief executive, said: “The demand for purpose-built student accommodation remains strong and the group continues to secure, forward sell and develop a diverse pipeline of sites.”
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