Rental developer and manager Watkin Jones has secured six contracts worth a total of £60m to develop and refurbish a portfolio of purpose-built student accommodation (PBSA) schemes.
38-40 George Street, Oxford
The contracts include five through its Refresh brand, which focuses on redevelopment, refurbishment and building improvement, and covers PBSA schemes with more than 1,750 beds across cities including Birmingham, Edinburgh, Newcastle and Glasgow.
Separately, Marick Real Estate has also selected Watkin Jones to redevelop 38-40 George Street in Oxford into a 145-unit lifestyle aparthotel, called Staycity Wilde Oxford.
Michael Bunyan, group development director at Watkin Jones, said: “These appointments demonstrate the value of Watkin Jones’ vertically integrated platform and the expertise we offer across the living and hospitality sectors.
“By bringing together development, delivery and operational capabilities, we help clients unlock value, improve performance and maximise long-term returns on their assets. The range of awards secured reflects the growing demand for partners that can combine their skillset and expertise with practical delivery to meet the evolving investor needs.”
In May, Watkin Jones revealed that its revenue had fallen 22.4% to £100.2m in the six months to the end of March, from the £129.2m in the same period a year before, amid geopolitical and economic challenges.
The group slipped to a £0.9m first-half pre-tax loss, while its adjusted pre-tax profits fell from £0.2m to zero. Gross profits also fell 35.4% year on year, from £14.4m to £9.3m, while its operating profits remained the same, at £0.4m.
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