Watkin Jones plc (AIM:WJG), a leading UK developer and constructor of multi-occupancy residential property assets, with a focus on the student accommodation and build to rent sectors, announces that the Group has acquired a prime development site in Woking town centre from McKay Securities PLC with capacity for approximately 350 build to rent apartments on a subject to planning basis.
The proposed development will comprise a purpose-designed build to rent scheme in which residents will benefit from high quality accommodation and outstanding communal facilities, including a resident's lounge and roof terrace. The scheme is also expected to include new retail and leisure space. The development is expected to deliver a margin in line with target returns and is targeted for completion in FY 2024.
Richard Simpson, Chief Executive Officer of Watkin Jones, said: “We are delighted to have secured a prime located build to rent development site in Woking. The site exemplifies the Group's target to secure opportunities in prime urban micro locations with great access to amenities and transport links. Woking is an established commuter town with a strong local economy and affluent demographic which is benefiting from considerable inward investment. The acquisition represents an important addition to the Group's secured build to rent development pipeline.”