The scheme, known as the Ard, will deliver around 784 student bedrooms split between two towers rising to 36 and 10 storeys on the site of the former tax office.Standing at 114m, the tallest tower will become Glasgow’s second-highest building, behind only the Science Centre’s Glasgow Tower. Reports ContractJournal
Under the terms of the deal, Maslow Capital will take a 95% share in the joint venture, with Watkin Jones retaining the remaining 5%.
For Watkin Jones, the agreement secures revenues of approximately £115m over the three-year construction phase, with further returns expected following the sale of the £182m development on completion in 2028.
Designed by Hawkins Brown, the landmark main tower will feature a sky lounge on its top floor, providing panoramic views across the city.
Work is scheduled to complete in time for the start of the 2028/29 academic year, with Watkin Jones also set to operate the finished scheme through its Fresh management arm.
Watkin Jones’ CEO Alex Pease said: “This transaction represents a significant further step for the group as we seek to diversify our business model and create innovative development funding structures.
“Maslow 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.”
The Ard joint venture marks Watkin Jones’ first collaboration with Maslow Capital and has been structured as a related party transaction, with group executives Alex Pease, Simon Jones and George Dyer appointed as directors of the JV entity.
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