Watkin Jones, the Build-to-Rent and purpose-built student accommodation developer, has announced the acquisition of a further development opportunity in its joint venture with Maslow Capital.
The site will deliver a PBSA scheme in Bristol, comprising 484 beds and is expected to achieve a gross development value of £101.7million upon stabilisation.
The new Bristol scheme reinforces Watkin Jones’ commitment to delivering sustainable, best-in-class student accommodation in prime university locations. It will be located on Malago Road, close to Bedminster train station and an 11-minute walk from the University of Bristol’s new Temple Quarter campus. Accommodation will include studios and 40 non-en suite rooms across three blocks, part of which will be nominated by the University of Bristol. In line with Watkin Jones’ high sustainability standards, the development is targeting ratings of BREEAM Excellent, EPC B, and WiredScore Silver.
The transaction marks the second asset in the joint venture between Watkin Jones and Maslow Capital, following their earlier collaboration on The Ard in Glasgow.
Watkin Jones agrees JV to deliver 784-bed student accommodation scheme in Glasgow
George Dyer, group investment director at Watkin Jones, said: “This transaction with Maslow Capital, our second collaboration together, demonstrates the strength of our proposition and the quality of our PBSA offering across the UK. “Bristol has firmly established itself as a destination of choice for students, and we’re delighted to deliver a sustainable, high-quality scheme, supporting the City and University’s growing student population.”
Sky Mapson, senior director of origination at Maslow Capital, commented: “We are pleased to support Watkin Jones on a second large-scale PBSA transaction through our joint venture, following The Ard in Glasgow. Their proven record in delivering high-quality student accommodation gives us conviction in the sponsor and the successful delivery of this Bristol asset.”
Rachael Gordon, head of deal execution (UK & Europe) at Maslow Capital, commented: “Bristol remains one of the UK’s most undersupplied student markets, with demand for purpose-built accommodation continuing to outstrip available stock. This 484-bed scheme is close to the University of Bristol’s new Temple Quarter campus and Bedminster station. Its scale, specification and location leave it well positioned to capture that demand and deliver resilient long-term income.”
