A student accommodation specialist has acquired the former HMRC office in Swansea.
Watkin Jones bought the site, which previously housed the Valuation Office Agency, ahead of submitting plans to create around 350 student homes.
The building is situated next to Swansea railway station in the city centre, and the north Wales headquarterd firm says the proposed scheme will add much needed student housing capacity to the city.
The firms says that Swansea University student numbers have increased 11.5% over the past three years, while students from Trinity St David’s University have increased by 47.9%.
Alex Pease, chief investment officer of Watkin Jones, said: “Swansea is a fantastic place to be a student and the recent growth in student numbers reflects the continued success of the city’s universities.
"There is pressure on local housing for students that in turn puts pressure on the wider market, so we’re excited to bring forward our proposals to revitalise this site for the long-term and create a brilliant new place to live.”
Watkin Jones has begun consultation with the local community ahead of submitting a planning application later in the year, which will include studios and cluster accommodation, alongside communal and amenity facilities. The Group is already active in Swansea, having recently developed and completed a three-phase 967-bed scheme in the city.
This is Watkin Jones’ third major acquisition announcement since the start of 2021.
Most Read
Mr Pease added: “We continue to see very strong demand for high-quality student homes across the 海角视频. Students and their families increasingly value purpose-built and managed accommodation, which offers inbuilt community and wellbeing support.
"This year has seen the largest ever proportion of school leavers applying to university, a trend that is projected to continue alongside increased international demand.”
He added that the development would relieve pressure on the city’s Victorian neighbourhoods and could free up homes for refurbishment back to family housing. Expected economic gains include:
- £6.2m of expenditure per annum in the city centre from residents of the new scheme
- 42 full-time equivalent jobs both on-site and in the wider economy
- £2.8m of economic output (GVA) per annum or £24.1million over a ten-year period
- Release of 93 homes of multiple occupation back on to the market. Assuming band D, that’s £155,000 in additional Council Tax payments per annum
Should permission be granted work to demolish the site will begin in late August. Work to construct the scheme would commence towards the end of 2021, should planning consent be secured.