Planning consent granted for Hunter Street,Chester

RNS Number : 5049K

Watkin Jones plc

22 September 2016

 

For immediate release

22 September 2016

Watkin Jones plc

('Watkin Jones' or the 'Group')

Planning consent granted for Hunter Street, Chester

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 development of land currently being used as a car park on Hunter Street in Chester, Cheshire.

The development of Hunter Street will consist of 77 beds. The total gross development value of the scheme is around £6.5 million.  The development is anticipated to be completed in the summer of 2018.  This adds to the 330 student beds already being developed in Chester, by Watkin Jones for delivery during the summer of 2017.

Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc, said:  "The Group is delighted to have secured planning consent for this new development.  This development when completed, will service students at the University of Chester and the University of Law and we are pleased to have added the Hunter Street site to our already impressive portfolio in Chester.  The look and appearance of the development will be modern however we will ensure the selected materials will be reflective of the overall character and appearance of the area.  The demand for student accommodation is growing and this latest scheme adds further validation to our business model."

- 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.

 

END

 

 

MSCDBGDCXGDBGLB