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Watkin Jones making solid progress with student accommodation pipeline
Multi-occupancy property asset developer and constructor Watkin Jones confirmed on Wednesday that it has achieved planning consent on Whitefriars Lane in Coventry for 778 student beds, which would be delivered ahead of the start of the 2020-2021 academic year.
The AIM-traded company said that in addition, it secured - subject to satisfactory planning - a further site in Sheffield which was targeted to deliver more than 700 student beds ahead of the start of the 2021-2022 academic year.
It said the growing momentum within its student accommodation development business ahd led to the student accommodation development pipeline exceeding 9,800 beds, with more than 8,300 beds having received planning consent.
All the developments due for delivery ahead of the 2018-2019 academic year had been forward sold, the board confirmed.
Five of the seven schemes scheduled to be delivered ahead of the 2019-2020 academic year had been forward sold, with the remainder now having received planning consent.
Watkin Jones said five developments, totalling 2,167 beds scheduled to be delivered ahead of the 2020-2021 academic year, had also now received planning consent.
"The excellent visibility in our student accommodation development business continues with this successful planning consent and further site acquisition," said chief executive Mark Watkin Jones.
"The demand for student accommodation remains high and this, coupled with the growing momentum in our build to rent development business, reinforces our confidence in our business model and the markets in which we operate."
Watkin Jones said the company would issue its pre-close trading update for the half year ended 31 March on 5 April.