Watkin Jones signs £182m JV deal to develop tallest residential building in Scotland

Watkin Jones has agreed a £182m forward sale of a 36-storey student accommodation scheme to a joint venture it has set up with an investor.

The student housing and build-to-rent specialist has announced the sale of The Ard to the newly created JV, which is 95% owned by financier Maslow Capital and 5% owned by itself.

The Ard, which received planning last year, will provide 784 purpose-built student accommodation beds in Glasgow. When complete the development will be the largest residential building in Scotland.

The development will see the regeneration of Portcullis House, a brownfield site at Charing Cross.

Construction will involve partial retention of the old HMRC building on India Street.

>>See also: Watkin Jones falls to loss in half-year results

Watkin Jones has completed nine managed student accommodation developments since 2011, consisting of 4,000 student homes.

Completion is targeted for the start of the 2028/29 academic year.

Alex Pease, chief executive of Watkin Jones, said: “This transaction represents a significant further step for the group as we seek to diversify our business model and create innovative development funding structures”