Planning consent granted for site in Newcastle

RNS Number : 6241J

Watkin Jones plc

13 September 2016

 

For immediate release

13 September 2016

Watkin Jones plc

('Watkin Jones' or the 'Group')

Planning consent granted for Market Street, Newcastle

Analyst Site Visit

Watkin Jones plc (AIM:WJG), a leading UK developer and constructor of multi occupancy property assets, with a focus on the student accommodation sector, is pleased to announce that the Group has received planning consent to progress with the redevelopment of Northumbria Police's old headquarters in Newcastle's city centre.

The proposed redevelopment of the former police station in Market Street, consists of 225 beds (177 beds and 48 studios). The total gross development value of the scheme is around £17 million.  The development is anticipated to be completed in 2018.

Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc, said:  "We are very pleased to have secured planning consent for this exciting development.  Located in the city centre of Newcastle with easy access to university campuses, local facilities and public transport it is well positioned for student accommodation.  This latest scheme adds to our growing pipeline and further builds our visibility around the Group's business model." 

The Group also announces that it is today holding an analyst site visit. The primary objective of the event is to provide analysts with the opportunity to view two of the Group's London-based developments and to meet the Group's management team and learn more about the long term growth potential of Watkin Jones.  During this visit, no new material information will be made available. 

Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc, added:  "Today's site visit provides an excellent opportunity for a City audience to experience first-hand two of our developments, one of which is completed and the other currently under construction, as well as gain an insight into our business as a whole."

- Ends -

For further information:

Watkin Jones plc
Mark Watkin Jones, Chief Executive Officer	Tel: [phone]
Phil Byrom, Chief Financial Officer	www.watkinjonesplc.com
Zeus Capital Limited (Nominated Adviser & Joint Broker)
Corporate Finance
Dan Bate / Nick Cowles / Jamie Peel		Tel: [phone]
Corporate Broking		Tel: [phone]
Dominic King / Benjamin Robertson		www.zeuscapital.co.uk
Peel Hunt LLP (Joint Broker)		Tel: [phone]
Mike Bell / Matthew Brooke-Hitching		www.peelhunt.com

Media enquiries:

Buchanan
Henry Harrison-Topham / Richard Oldworth / Jamie Hooper	Tel: [phone]
[e-mail]	www.buchanan.uk.com

Notes to Editors

Watkin Jones is a leading UK developer and constructor of multi occupancy property assets, with a focus on the student accommodation sector.  The Group has strong relationships with institutional investors, and a good reputation for successful, on-time-delivery of high quality developments.  Since 1999, Watkin Jones has delivered over 28,000 student beds across 88 sites, making it a key player and leader in the UK purpose built student accommodation market.  In addition, Watkin Jones has been responsible for over 50 residential developments, ranging from starter homes to executive housing and apartments.

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.  Key components of the business model are:

·      Site identification - extensive experience of site identification and acquisition facilitates high quality sites being acquired;

·      Planning consents - in depth knowledge and experience of the planning consent process specific to this type of asset facilitates high success rates on planning applications;

·      In-house construction and delivery - in-house construction expertise, management and delivery limits reliance on third parties and, together with favourable contractual relationships with key suppliers, enhances control of cost;

·      Funding structure - forward sale model reduces risk for Watkin Jones and provides security and visibility of the asset pipeline for investors.  The Group has strong relationships with blue chip investors, including a number that are repeat investors in Watkin Jones developments; and

·     Asset management - dedicated property management division provides a continued service solution to investors post development completion and completes the 'end to end' business model.

 

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