Watkin Jones forward sells its Glasgow student accommodation property

AIM-listed property developer Watkin Jones, announced it had forward sold its Glasgow development to a new institutional investor for an undisclosed fee, to be used for student accommodation.

The company sold its St. Mungo Avenue property, a 1.07 acre site in the Glasgow city centre, which is near universities, Strathclyde and Glasgow Caledonian and City of Glasgow college.

Construction at the seven storey 349 bed property is due to be completed in August 2018, ahead of the 2018/19 academic year, and once it has been finished Watkin Jones would have delivered over 3,000 beds across six schemes in Glasgow since 2011.

Chief executive Mark Watkin Jones, said: "With three main universities in Glasgow servicing more than 65,000 higher education students there is significant demand for accommodation within the city. The demand for purpose built student accommodation is higher than levels seen at comparable UK university cities”.

The St. Mungo Avenue property will contain a cinema room, two common room areas, a gym and a roof terrace.

Since 1999, Watkin Jones has delivered over 31,800 student beds across 98 sites in the purpose built student accommodation market and has also been responsible for over 50 residential developments, ranging from starter homes to executive housing and apartments.

Shares in Watkin Jones was up 1.22% to 124.75p at 1134 BST.