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Known as the Ard, the project will deliver around 784 student bedrooms across two towers of 36 and 10 storeys on the site of the former tax office.<\/p>\n
At 114m high, the tallest block will only be topped in Glasgow by the Science Centre\u2019s Glasgow Tower.<\/p>\n
Under the new structure, Maslow Capital will hold a 95% stake in the joint venture, with Watkin Jones retaining 5%.<\/p>\n
The deal generates secured revenues of about \u00a3115m for Watkin Jones over the three-year construction period, with further returns possible once the \u00a3182m scheme is sold after completion in 2028.<\/p>\n
A standout feature of the main tower designed by Hawkins Brown, will be a top-floor sky lounge offering panoramic views across the city.<\/p>\n
Construction is due to complete in time for the start of the 2028\/29 academic year, with Watkin Jones also managing the finished development through its Fresh business.<\/p>\n
Watkin Jones\u2019 CEO Alex Pease said: \u201cThis transaction represents a significant further step for the group as we seek to diversify our business model and create innovative development funding structures.<\/p>\n
\u201cMaslow Capital is an excellent partner for Watkin Jones, and their entry into a joint venture with the group is a great endorsement of our successful track record and extensive experience in residential development and construction.\u201d<\/p>\n
The Ard JV is the group\u2019s first partnership with Maslow Capital and has been structured as a related party transaction, with Watkin Jones executives Alex Pease, Simon Jones and George Dyer serving as directors of the JV entity.<\/p>\n<\/p><\/div>\n