Watkin Jones secures Woking build-to-rent site

Watkin Jones on Tuesday confirmed it has acquired a development site in Woking town centre from McKay Securities with capacity for approximately 350 build-to-rent apartments on a subject to planning basis.

The construction company, which focuses on the student accommodation and build to rent sectors, said proposed development at the site will comprise a purpose-designed build to rent scheme in which residents will benefit from high quality accommodation, a retail and leisure space, and outstanding communal facilities, including a resident's lounge and roof terrace.

The development is expected to deliver a margin in line with the AIM traded company's target returns and is scheduled for completion in 2024.

Richard Simpson, chief executive 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."

Watkin Jones' shares were up 0.35% at 223.50p at 1108 GMT.