Watkin Jones and DWS sign £100m funding deal for Bath BTR
Watkin Jones and DWS have signed a £100m forward funding deal to deliver 316 new build-to-rent homes in Bath.
The scheme, to be known as Bath Junction, will create studios, one, two and three-bed homes across two BTR buildings, of which 95 will be affordable and offer significantly reduced rents.
The scheme is located on the site of a former car showroom on Lower Bristol Road and is within a 15-minute walk of the centre of Bath.
Watkin Jones and DWS have signed a £100m forward funding deal to deliver 316 new build-to-rent homes in Bath.
The scheme, to be known as Bath Junction, will create studios, one, two and three-bed homes across two BTR buildings, of which 95 will be affordable and offer significantly reduced rents.
The scheme is located on the site of a former car showroom on Lower Bristol Road and is within a 15-minute walk of the centre of Bath.
The development will provide 650 bike parking spaces for residents and visitors, along with a car club and electric charging points. As well as landscaped communal courtyard gardens on the first floor, further biodiversity will be added throughout the scheme through the planting of new trees.
The Bath BTR is Watkin Jones and DWS’s second deal, following the practical completion of almost 700 purpose-built student homes at Kelaty House – now Pavilion Court – in Wembley.
Alex Pease, chief investment officer at Watkin Jones, said: “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.”
Hugo Vere, lead portfolio manager for the real estate business at DWS, said the deal marked the first acquisition for its new pan-European €1bn mandate.
“Upon completion, Bath Junction will complement the population demographic of the area delivering an attractive, affordable BTR housing scheme to this historic city,” added Vere. “As a dominant living sector investor, DWS’s presence across UK and Ireland expands to almost 7,500 beds with this latest transaction. We will continue to target high-quality living sector schemes in key regional cities across Europe as we build out the portfolio.”
The development is expected to complete in 2025.
A neighbouring student accommodation site is also being developed by Watkin Jones. It has been forward funded by EQT Exeter as part of a portfolio deal announced in May.
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Image from Watkin Jones
