Watkin Jones, the UK’s leading developer and manager of residential for rent homes, with a focus on the build to rent (BtR), co-living and student accommodation (PBSA) sectors, is pleased to announce that it has received resolution to grant permission for a 370 bed PBSA scheme in the heart of Swansea, its second in the city. Watkin Jones acquired the site in April 2021.

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The £35.0 million GDV development is designed to be sustainable and future proofed, targeting a BREEAM ‘Very Good’ rating, and the soft landscaping of the wider site will add to the urban biodiversity of the area. It is also expected to add over £24.0 million GVA to the local community over the next ten years, with residents estimated to spend approx. £6.2 million annually in Swansea’s city centre. The brownfield site, next to Swansea railway station, is within an easy walk of the city’s universities and previously housed the Valuation Office Agency.

Once completed, in time for the 2023/24 academic year, residents will be able to enjoy stunning views from their windows and from the roof terrace that will look out over the city to the sea. The scheme will also offer a range of amenities, including beautiful courtyards for residents to relax and socialise in.

Alex Pease, Chief Investment Officer of Watkin Jones, said: “Swansea continues to build its reputation as a destination of choice for students and I am thrilled to have received such strong support for this scheme. It will absolutely transform the site of a run-down office block into sustainable and high-quality homes for students, relieving pressure on local housing supply and offering a great living experience.

“PBSA remains a very strong asset class for investors both from the UK and internationally. This is driven by rising demand and, as A-level results day approaches, we expect to see students and their families seeking out the best purpose-built and managed accommodation for its inbuilt community and wellbeing support.”

The development will add much needed student housing capacity in the city following a recent boom for the city’s universities. Swansea University student numbers have increased 11.5% over the last three years, while students from Trinity St David’s University have increased by 47.9%. UCAS recently reported an overall increase in student applications for September 2021.

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