Watkin Jones signs Merseyside development deal
Watkin Jones is to develop 295 homes in partnership with Torus, in the first phase of a 1,100-home masterplan in St Helens, Merseyside.
The project is part of Harworth Group’s Moss Nook development on a large former industrial site. The homes will be partly funded by Homes England.
Torus acquired the phase, with consent for 220 homes, from BXB Cowley Hill, a joint venture between BXB and Promenade Estates.
Watkin Jones is to develop 295 homes in partnership with Torus, in the first phase of a 1,100-home masterplan in St Helens, Merseyside.
The project is part of Harworth Group’s Moss Nook development on a large former industrial site. The homes will be partly funded by Homes England.
Torus acquired the phase, with consent for 220 homes, from BXB Cowley Hill, a joint venture between BXB and Promenade Estates.
The jv appointed Northern Land Agency to market phases one and three of the masterplan in April 2023. Phase 1, spanning 12.7 acres, was at the time being marketed for sale for offers of more than £15m.
The transaction is expected to generate revenue of approximately £48m for Watkin Jones, in line with the group’s stated margin targets, and has the potential to benefit from further value generated by the scheme in the future.
Alex Pease, chief executive at Watkin Jones, said: “Having supported Harworth Group in securing reserved matters planning permission in April 2024, we are delighted to continue our involvement with them and to have secured our first development partnership with Torus to deliver 295 homes, helping to address the growing demand for high-quality housing in the North West.
“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, whilst implementing our strategy of diversifying our sources of income.”
Photo © Northern Land Agency
