Watkin Jones forward-sells its last 2017 completion

Student accommodation-focused developer and constructor of multi occupancy property assets, Watkin Jones, announced on Monday that it has completed the forward sale of the student accommodation element of its Christchurch Road development in Bournemouth.

The AIM-traded company said the sale has been made to an unnamed institutional investor for an undisclosed fee, with the development consisting of 454 beds of student accommodation.

It said the development is due for completion in the summer of 2017 ahead of the academic year.

Following this transaction, all of the roup's student accommodation developments due for delivery before the end of the current financial year have been forward sold, while 1,840 of the 3,485 beds due for delivery in 2018 have been pre-sold and a further 1,530 have planning permission.

“We are delighted to announce that we have successfully completed the sale of the student accommodation development at Christchurch Road in Bournemouth,” said chief executive Mark Watkin Jones.

“Having now forward sold all of our projects which are due for delivery in the current financial year, the group has demonstrated its strong relationships with institutional investors and its ability to provide good visibility on near term returns for its shareholders.”