Dan Whelan
Having bought a plot for its pilot scheme in Crewe last year, the Bangor-based developer has added a further 51 units to its affordable pipeline in Wrexham and is close to acquiring another North West site to build 189 more units.
Watkin Jones is close to agreeing a deal to forward sell 133 of the 189 units at the new site, it said.
In Crewe, Watkin Jones plans to create 245 homes, 86 of which are to be affordable.
An offer for the forward sale of the 159 build-to-rent and private sale units that make up the remainder of the Crewe project is progressing, according to the developer.
Dan Whelan
The developer reported pre-tax profits of £25.3m for the year ended 30 September 2020, down from £47.9m in 2019 due to £20.5m of exceptional costs incurred by cladding remediation work and the effects of Covid-19.
Watkin Jones spent £5m on the remediation of cladding on previously developed buildings during the 12-month period and said it anticipates an additional £10m outlay for similar projects over the course of the next two financial years, according to a stock exchange filing.
In addition, the developer reported £5.7m in exceptional charges accrued as a result of the pandemic.
However, at £354m, Watkin Jones’ annual revenue was only marginally down compared to the previous 12-month period, when it reported turnover of £375m, according to the filing.