Watkin Jones PLC (AIM:WJG) has unveiled a deal with affordable housing provider Torus to develop almost 300 new rental properties in the North West of England.
Some 295 new homes will be created at Harworth Group's (LSE:HWG) Moss Nook former industrial site development in St Helens under the agreement, the AIM-listed firm said on Monday.
This will generate approximately £48 million in revenue for Watkin Jones, the company added, with the government’s Homes England partly funding the project.
“Having supported Harworth Group (LSE:HWG) in securing reserved matters planning permission in April 2024, we are delighted to continue our involvement with them,” chief executive Alex Pease commented.
“By leveraging our leading expertise in the development and construction of residential real estate, this collaboration highlights our ability to transact in what continues to be a challenging market environment.”
Watkin Jones noted there was potential to benefit further from the regeneration scheme at the brownfield site, with the existing partnership set to take 40 months to complete.
“We look forward to the successful delivery of this project and exploring future opportunities together,” Pease added.
Shares climbed 3.7% on Monday.