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, announces that is has exchanged contracts to acquire a site in Wembley, London from Kelaty Propco Limited (a joint venture ultimately owned by Singapore incorporated Lum Chang Holdings Limited and Sin Heng Chang Private Ltd) (the 'Vendor'). The site benefits from an existing planning consent for a 599 bed student accommodation scheme, which will be developed by the Group for delivery in time for the 2021/22 academic year.
In addition, as part of the arrangement, the Group has entered into a development agreement with the Vendor to deliver 300 build to rent apartments on an adjoining site, to be completed in March 2021.
The securing of this opportunity in Wembley represents a significant addition to the Group's FY 2021 student accommodation and build to rent delivery pipelines.