Rental deal

Watkin Jones in BTR and student homes deal

Iona Street

Build to rent and student accommodation continues to change hands with Watkin Jones completing another deal in Edinburgh.

After buying a number of schemes in the city in recent months it has now sold a planned complex in the Leith area in a forward-funding transaction with Vita Group valued at £47m.

Vita Group will acquire the 285-unit scheme on a former industrial site on Iona Street.

Over the past year Watkin Jones has been acquiring blocks of accommodation, including a 394-bed scheme in Westfield Road and a 248-bed complex in Gorgie Road.

An 800 homes ‘urban quarter’ is planned on a site to the rear of the Corn Exchange in Chesser that will include 440 build to rent apartments and around 400 student bedrooms.

Alex Pease, chief investment officer at Watkin Jones, said: “There is a very serious shortage of rental housing of all types that is having a real impact on people’s lives. Every additional home built reduces that pressure.”

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