Watkin Jones and DWS have agreed on a £100m forward funding deal to deliver a new Build to Rent (BTR) scheme on Lower Bristol Road in Bath.
Plans were unveiled for the scheme in 2020 coupled with an online public consultation, and Watkin Jones received planning permission for the development in Q3 2021.
The development is set to deliver 316 units – a mix of studios, one, two and three-bedroom homes across two buildings. 95 of the units will be affordable and will offer significantly reduced rents.
Also included are over 650 secure bike parking spaces for both residents and visitors, a car club and electric charging points for the parking spaces available.
Residents will be able to enjoy landscaped communal courtyard gardens on the first floor and further biodiversity will be added throughout the scheme, including new trees planted on the frontage to add to the attractiveness of the wider area.
Alex Pease, chief investment officer at Watkin Jones said: “This agreement builds on our already successful relationship with DWS and will bring long-term value to Bath by creating fantastic homes for people to live in. Constrained supply of new homes to rent is a growing challenge for renters, and more investment in creating new rental housing where people can enjoy living and working in Bath is urgently needed to meet demand.”
“Our team did a superb job to achieve planning for a highly sustainable scheme in a UNESCO World Heritage city as well as attracting new investment to Bath. We have a growing pipeline and having a track record of successfully creating residential schemes in the city are continuing to look for land opportunities.”
Hugo Vere, lead portfolio manager for the real estate business at DWS said: “We look forward to continuing our great partnership with Watkin Jones. Upon completion, Bath Junction will complement the population demographic of the area delivering an attractive, affordable Build to Rent housing scheme to this historic city. As a dominant living sector investor, DWS’ presence across UK and Ireland expands to almost 7,500 beds with this latest transaction.
“This marks the first acquisition for a new Pan-European c. €1bn mandate. We will continue to target high-quality living sector schemes in key regional cities across Europe as we build out the portfolio.”
Completion of the scheme is expected in 2025.
Image source: Watkin Jones
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