Watkin Jones Share Discussion Threads

[glaws2] 31/8/2018 09:42

Big development - thanks Riv

[rivaldo] 31/8/2018 09:38

Looks like next week WJG will get approval for a new student and PRS apartment development for hundreds of units in Sheffield:



"Student and PRS flats plan set for approval
29 Aug 2018

Plans for the development of hundreds of student and private rented sector (PRS) apartments on a site in Sheffield city centre are set to get the green light from councillors next week (4 September).

The Watkin Jones Group, supported by DLP Planning and Kelsey Design Associates, submitted a full-planning application to Sheffield City Council earlier this year for a development on the site of Silversteel House on Rockingham Street and associated land bound by Rockingham Street, Boden Lane and Bailey Lane.

The scheme, known as Grunwergs 2, would comprise hundreds of new residential units with a mix of clusters, studio, one- and two-bedroom apartments.

The cluster apartments would be purpose-built student accommodation with a total of 618 bedrooms as well as include ancillary facilities including management, suites and social study spaces. The 72 studio, 39 one- and 32 two- bedroom flats would be PRS accommodation.

A 4,170 sq ft commercial unit will also be developed on the ground floor suitable for a range of uses. If approved, the development is scheduled to be ready for occupation by September 2021.

The façade of the partially surviving J & Riley Carr building on Bailey Lane would be retained, including the statue of Stanch the dog.

The application is recommended for approval in a planning officer's report prepared for Sheffield City Council next Planning and Highways committee meeting on 4 September, subject to conditions.

The report said: "The proposed development, which is considered to be acceptable in land use terms, provides an appropriate scale of enclosure to the eastern side of Rockingham Street and responds positively to the local topography.

etc"

[shaker44] 29/8/2018 10:22

they are looking cheap and should make a step up on next trading update

[melody9999] 29/8/2018 10:03

London: In a research report revealed to investors on Tuesday, 28 August, Peel Hunt Limited reiterated their “Buy” rating on Watkin Jones (LON:WJG) shares. They now have a GBX 240.00 TP on the firm. Peel Hunt Limited’s target indicates a potential upside of 22.61 % from the company’s close price.

[jonwig] 29/8/2018 09:40

Peter (#1601) - true, I guess! But the FTSE All Share is flat since last November, we're down 25%. (From a spike, admittedly.)

[thefartingcommie] 29/8/2018 09:15

Mr Market + tout le monde very nonplussed it would seem.

[greyingsurfer] 29/8/2018 09:11

230p, 240p targets from brokers, but the share price refuses to play along!

I'd have thought that 200p against broker targets of 230-240p was pretty close the usual real world discount from brokers targets :-)

Peter

[jonwig] 29/8/2018 08:36

Thanks edmonda.

230p, 240p targets from brokers, but the share price refuses to play along!

[edmonda] 29/8/2018 08:25

After yesterday's deals, full research update now out from Paul Hill reiterating forecasts, 230p fair value and reasons for premium rating vs peers.

Freely accessible here:

[jonwig] 28/8/2018 16:48

Thanks EC ... putting both statements together, it looks to me that they've bought the freehold for the stu acc and undertaken to develop the BtR for the owner. And we have a figure for the former (c.£29m.)

And there are quite a few university campuses in the Wembley area.

[effortless cool] 28/8/2018 15:29

The Lum Chang website gives a bit more explanation of the nature and scale of the deal.

[jonwig] 28/8/2018 14:46

@ Glaws - you may be right, I thought with stu acc they usually announced an end buyer.

As for the BtR flats, I think reading it your way is correct: delivering them to the owner.

Thanks for the reinterpretation.

[glaws2] 28/8/2018 14:40

Jonwig

I don't think the end buyer is necessarily lined up when they acquire the site - but usually arrives before development commences. As this already has planning this needs to happen in short order now.

I read the "development agreement" for the BTR bit to infer that the vendor has retained ownership and thus not be carried to WJB's balance sheet. No idea on your other questions.

[jonwig] 28/8/2018 14:32

Some open questions on this: don't they usually indicate an end-buyer for student acc?
And the agreement to build BtR apartments ... presumably the planning permission is conditional on this? And what proportion (if any) affordable housing? And presumably own balance sheet.

[skinny] 28/8/2018 09:07

Peel Hunt Buy 197.10 240.00 - Reiterates

[rivaldo] 28/8/2018 07:09

Good news - two large new schemes, one student (with planning consent already in place) and one BTR, to be added to the portfolio:



"Update on Student Accommodation and Build to Rent developments

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."

[rivaldo] 23/8/2018 06:58

Nice mention for WJG in this morning's Market Report in the Times....



"Elsewhere, traders have been eying Watkin Jones, which said in its latest interim results that it was considering establishing a new investment vehicle for its build-to-rent developments. The group, better known for its student accommodation, has five build-to-rent development sites and expects to deliver more than 1,500 flats in the next five years."

[adelwire2] 06/8/2018 13:34

Hey £2. .yeah! Onwards and upwards.

[skinny] 01/8/2018 12:18

Interesting UT of 28 shares @185.4000

[gswredland] 27/7/2018 11:51

Yes noticed that
I am looking to add ...

[emmarg] 27/7/2018 11:36

all quiet here, however some chunky "buys" this morning, one for 125,000 shares !

[jonwig] 17/7/2018 15:46

@ Clausentum - nothing last year: looks like a long summer lull!

Share price in doldrums for past nine months. Worth remembering that it's only ever met expectations, as far as I can remember. Despite broker target prices, we might need it to beat them.

Also, Hardman had a long research note on housebuilders recently which included WJG - not surprisingly the most expensive on a PTB metric. Whilst I don't think the comparison is fair, a lot of investors insist on pigeonholing companies, if wrongly.

[clausentum] 17/7/2018 15:28

Are we likely to get any update before the pre-close trading statement end October??

[2vdm] 17/7/2018 13:36

I certainly don't know why the share price opened so low. I bought 6k sub 190p and only wish I had more cash available. This is trading in a fairly narrow range and I think is stbilising around 190-198. Be good to get an update from WJG soon.