For immediate release |
3 January 2018 |
Watkin Jones plc
('Watkin Jones' or the 'Group')
Planning Update on Developments
Watkin Jones plc (AIM:WJG), a leading UK developer and constructor of multi occupancy property assets, with a focus on the student accommodation and build to rent sectors, is pleased to announce the receipt of a number of planning consents during December 2017.
Student Accommodation
Building on momentum gained in the 2017 financial year, Watkin Jones confirms it has achieved planning consent for two student accommodation developments in London. The first of these is for a 283 bed development at Albion Way in Wembley. The second scheme is a 353 bed development at Forest Road in Walthamstow, close to the Group's Mannequin House site which was successfully completed in August 2017. In addition to the London schemes, the Group has also secured planning consent for a 323 bed development in Chester. All of the above-mentioned student accommodation developments are anticipated to be completed in 2020 ahead of the 2020-21 academic year.
General momentum within the Group's student accommodation division is excellent, with the overall current pipeline standing at 9,120 beds, of which 6,090 beds are forward sold and 7,497 have achieved planning consent.
Build to Rent
The build to rent division continues to progress well and Watkin Jones is pleased to announce that it has secured planning consents on three developments. These encompass 147 units at the Group's site at Holdenhurst Road, Bournemouth, an increase from 132 to 165 units on its Sutton site and 62 units on its site at Stepney Street, Sheffield adjacent to its completed 78 unit scheme.
In addition to the progress made on these three sites, the Group is pleased to announce that it has exchanged contracts on a build to rent development site in Uxbridge, which subject to planning consent, will deliver approximately 270 units.
Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc, said: "The Group is continuing to deliver in the UK student accommodation sector and these schemes will increase our presence in key markets nationally, including our first site in West London.
"Build to rent is progressing well and we are extremely pleased with this division's performance in its maiden year. The additional planning consents and securing of the site in Uxbridge strengthens our pipeline as we continue to target the development of approximately 1,500 units between FY18 and FY22."
As previously announced, the Group will be issuing its Final Results on Monday, 15 January 2018. An analyst briefing will be held at 09.30hrs at the offices of Buchanan, 107 Cheapside, London EC2V 6DN.
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For further information:
Watkin Jones plc |
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Mark Watkin Jones, Chief Executive Officer |
Tel: +44 (0) 1248 362 516 |
Phil Byrom, Chief Financial Officer |
www.watkinjonesplc.com |
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Peel Hunt LLP (Nominated Adviser & Joint Corporate Broker) |
Tel: +44 (0) 20 7418 8900 |
Mike Bell / Justin Jones / Matthew Brooke-Hitching |
www.peelhunt.com |
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Jefferies Hoare Govett (Joint Corporate Broker) |
Tel: +44 (0) 20 7029 8000 |
Max Jones / Will Soutar |
www.jefferies.com |
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Media enquiries:
Notes to Editors
Watkin Jones is a leading UK developer and constructor of multi occupancy property assets, with a focus on the student accommodation and build to rent sectors. The Group has strong relationships with institutional investors, and a reputation for successful, on-time-delivery of high quality developments. Since 1999, Watkin Jones has delivered more than 34,500 student beds across 107 sites. In addition, Fresh Property Group, the Group's specialist accommodation management company, manages more than 16,000 student beds on behalf of its institutional clients. Watkin Jones has also been responsible for over 50 residential developments, ranging from starter homes to executive housing and apartments. The Group is now expanding its development and management operations into the build to rent sector.
The Group's competitive advantage lies in its experienced management team and business model, which enables it to offer an end-to-end solution for investors, delivered entirely in-house with minimal reliance on third parties, across the entire life cycle of an asset.
Watkin Jones was admitted to trading on AIM in March 2016 with the ticker WJG.L. For additional information please visit: www.watkinjonesplc.com
