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Construction News
29/07/2024
Watkin Jones Announces JV With HGP
Watkin Jones has announced a Joint Venture (JV) with Housing Growth Partnership (HGP), to build a 397-bed purpose-built student accommodation (PBSA) development in Stratford, East London.
The scheme has a Gross Development Value of around £120 million.
Located on a one-acre brownfield site on Grove Crescent, the development will also include circa 2,000m2 of commercial space. The scheme is conveniently located to cater for the circa 14,000 students studying at UCL East and UAL’s London College of Fashion campuses in the Queen Elizabeth Olympic Park, as well as the nearby Birkbeck College and UEL University Square Stratford campus.
HGP is investing 75% of the equity requirement and Watkin Jones 25%. The Group will be responsible for the delivery of the scheme as well as ongoing management through Fresh, Watkin Jones' accommodation management business.
Completion of the PBSA element targeted in time for the start of the 2026/27 academic year. The development will deliver essential student housing in response to the persistent national shortage of rental homes for students.
Aligned to Watkin Jones’ and HGP’s strong ESG credentials, aiming to achieve a 'BREEAM Excellent' rating. Additionally, it will provide new outdoor spaces and amenities, along with enhancements to the public realm including additional wildlife-friendly landscaping and greenery to enhance the local surroundings. The development promotes a car-free environment, advocating sustainable transportation options like biking or walking.
Watkin Jones and HGP will collaborate with local youth groups through various initiatives, including roof garden plantings, guided tours of the site, and educational programmes focused on sustainability and modern housing concepts.
George Dyer, Group Investment Director of Watkin Jones, commented: "We are delighted to partner with HGP on this joint venture, which will allow us to deliver secured returns in line with group targets whilst also offering the opportunity for outperformance from the recovery of the London PBSA market. The project will provide much needed supply into Stratford, a key student location within London, delivering high quality accommodation with strong ESG credentials."
The scheme has a Gross Development Value of around £120 million.
Located on a one-acre brownfield site on Grove Crescent, the development will also include circa 2,000m2 of commercial space. The scheme is conveniently located to cater for the circa 14,000 students studying at UCL East and UAL’s London College of Fashion campuses in the Queen Elizabeth Olympic Park, as well as the nearby Birkbeck College and UEL University Square Stratford campus.
HGP is investing 75% of the equity requirement and Watkin Jones 25%. The Group will be responsible for the delivery of the scheme as well as ongoing management through Fresh, Watkin Jones' accommodation management business.
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Completion of the PBSA element targeted in time for the start of the 2026/27 academic year. The development will deliver essential student housing in response to the persistent national shortage of rental homes for students.
Aligned to Watkin Jones’ and HGP’s strong ESG credentials, aiming to achieve a 'BREEAM Excellent' rating. Additionally, it will provide new outdoor spaces and amenities, along with enhancements to the public realm including additional wildlife-friendly landscaping and greenery to enhance the local surroundings. The development promotes a car-free environment, advocating sustainable transportation options like biking or walking.
Watkin Jones and HGP will collaborate with local youth groups through various initiatives, including roof garden plantings, guided tours of the site, and educational programmes focused on sustainability and modern housing concepts.
George Dyer, Group Investment Director of Watkin Jones, commented: "We are delighted to partner with HGP on this joint venture, which will allow us to deliver secured returns in line with group targets whilst also offering the opportunity for outperformance from the recovery of the London PBSA market. The project will provide much needed supply into Stratford, a key student location within London, delivering high quality accommodation with strong ESG credentials."
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