Build-to-rent specialist makes ESG commitments in market update
Watkin Jones has pledged to install heat pumps in all its new developments from 2023.
The build-to-rent and student housing specialist outlined the commitment in a raft of ESG targets in an update to the markets today.
Watkin Jones also pledged to achieve net zero on scope 1 emissions (direct emissions from own sources) and scope 2 emissions (indirect from generation of electricity, heating and cooling from own sources) by 2030. It has pledged a “meaningful reduction” in scope 3 emissions (all other indirect emissions in supply chain) over the same period.
The ESG targets were announced alongside a trading update providing selected finanical performance figures for the year to 30 September, ahead of its full results in a few weeks.
Watkin Jones revealed its turnover for the year will be £430 million, which it says is “slightly below expectations” due to land sales falling outside the year end. However it said its profit margin is ‘stronger’ than expected while operating profit is in line with expectations.
The developer said in the year it has secured planning consents for 877 student bed spaces on sites in Birmingham and Nottingham
Its current pipeline, including forward sold sites and sites with and without planning, has a revenue value of £1.75 billion. This includes 4,012 build-to-rent apartments and 7,142 student bed spaces.
Watkin Jones in July announced the appointment of a new chair and chief financial officer designate.