黑洞社区

Build to rent developer Watkin Jones has said most of its UK construction sites are now operating at 75% of normal capacity, following the restarting of work after the coronavirus lockdown.

Announcing half year results, the firm said it expected to be able to complete six out of the seven student housing schemes it is scheduled to build in time for the autumn term, and that it had bought two further sites for build to rent developments, totalling 888 flats in Bath and Birmingham. 

Watkin Jones said it had now reopened all of its construction sites in England, Wales and Northern Ireland, and that they were 鈥渙perating at c.75% of pre covid-19 resource levels鈥�. The impact on the cost of delivering committed work would be 鈥渕odest鈥�, it said. However, it said that sites in Scotland remained shut, given the Scottish government鈥檚 continued ban on non-essential construction work.

Reporting results showing pre-tax profit for the six months to the end of March up by 19% to 拢26.6m, on turnover up 17% to 拢186m, the firm said its final results for the year would largely rest on whether it managed to complete its planned student housing schemes.

Watkin Jones, which withdrew all financial guidance in the wake of the covid-19 lockdown, said it was making 鈥渆ncouraging鈥� progress on the seven student housing schemes, due to deliver 2,069 beds. It said that the one scheme likely to be delayed was now targeted to be complete by the fourth quarter of the year.

The developer also revealed it is likely to make a 拢12m-15m provision in its end of year accounts for the cost of replacing unsafe HPL cladding on a number of its buildings 鈥渄espite not being legally liable鈥�.