Wt Rene Etf Regulatory News (WREN)

28 Apr 2008 07:00

Wren Homes Group PLC25 April 2008 28 April 2008 Wren Homes Group Plc ("Wren" or "the Company") (WHG/L) First "Extra Care" Planning Consent Wren Homes Group Plc ("Wren"), the retirement housing specialist, announcestoday that detailed planning permission for its first 'Extra Care' housingscheme has been granted for the development of circa one and a half acres, inthe Tandridge area of Surrey, comprising of 54, one and two bedroom units. The Company's concept of repositioning its business towards the care sector, isas a result of a carefully researched and well conceived strategic move, nowunderpinned by the granting of this planning consent, as its retirement housingschemes include an increasing number of health and care options for the ageingpopulation of its residents, Wren sees its move into this second generation of retirement living, "ExtraCare", as defined by the Government**, as a step closer to the provision of awider range of services to support the independent elderly, so that they maycontinue to live for longer, comfortably and secure, in their own homes. The Tandridge site was secured some fifteen months ago. Following Wren's recentexercise of its option over it for £2.8 million, this planning consentsignificantly increases both the value of the site and the overall value andpotential profitability of the scheme. Consequently, Wren is at an advancedstage with its plans for the funding of this proposed development. Commenting, Paul Treadaway, CEO Wren Homes said: "I am delighted that Wren has been granted planning consent to roll-out thisfirst of hopefully many 'Extra Care' housing schemes throughout the South ofEngland. It represents the creation of a second generation of housing for the'active' elderly, and an exciting entry by Wren into a market that issignificantly underdeveloped, but that is growing exponentially... I lookforward to the future with excitement and considerable confidence." *ONS 2004-based - rounded to nearest hundred The Office for National Statistics ("ONS") has recently forecast that, in termsof population age bands, Tandridge will see between 2004 and 2026 a rise of 65per cent. in the number of its residents aged over eighty. ** "The Extra Care Housing toolkit" by The Care Services ImprovementPartnership, Department of Health 2006. "Extra Care Housing" has gainedprominence as the generic description of housing with care support and isdescribed in the Toolkit as: "Purpose built accommodation in which varyingamounts of care and support can be offered and where some services are shared." Ends Enquiries: Wren Homes Group plcPaul Treadaway, Managing Director Tel: 01372 742 244www.wrenhomesplc.co.uk Shore CapitalAlex Borrelli Tel: 020 7408 4090 Adventis Financial PRTarquin Edwards Tel: 020 7034 4758 / 07879 458 364Chris Steele Tel: 020 7034 4759 / 07979 604 687 This information is provided by RNS The company news service from the London Stock Exchange