Watkin Jones has exchanged contracts to acquire a site from Singapore’s Kelaty Propco in Wembley in north London.
The site has planning permission for a 599-bed student accommodation scheme, which Watkin Jones will now build with a target opening of September 2021.
As part of the deal, Watkin Jones has also entered into a development agreement with Kelaty Propco to deliver 300 build-to-rent apartments on an adjoining site. This is expected to be completed in March 2021.
Neither the value of the transaction nor the gross development value of the two construction projects was disclosed. However, Watkin Jones said that they represented “a significant addition to the group's FY 2021 student accommodation and build to rent delivery pipelines”.