29th Jun 2016 07:16
LONDON (Alliance News) - Watkin Jones PLC on Wednesday said it has received planning consent to progress with the redevelopment of Duncan House in Stratford, in east London.
The student accommodation developer said its proposed redevelopment of Duncan House consists of 511 beds, 44 residential units and 30,000 square feet of academic space, with the total gross development value of the scheme around GBP100.0 million and completion expected in 2019.
Watkin Jones said it was in advanced negotiations with the University of London and their funding partners to forward sell the student part of the Duncan House scheme, in line with its business model.
The residential units would then be sold in a separate transaction by Watkin Jones, the company said.
"We are delighted to have secured planning consent for this latest scheme in our pipeline which builds our visibility around our business model. We expect to be on site towards the end of 2016 and complete the scheme in 2019," said Chief Executive Mark Watkin Jones.
Shares in Watkin Jones were up 5.2% at 105.42 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Watkin Jones