Inland Homes PLC Inland Homes sells interest in JV for £11 million (8464J)
July 03 2017 - 2:00AM
UK Regulatory
TIDMINL
RNS Number : 8464J
Inland Homes PLC
03 July 2017
3 July 2017
Inland Homes plc
Inland Homes sells interest in joint venture for GBP11
million
Inland Homes plc (AIM: INL) ("Inland Homes", "the Group" or the
"Company"), the leading brownfield regeneration specialist and
housebuilder with a focus on the South and South East of England,
is pleased to announce the following updates:
-- The sale of its 50% interest in Aston Clinton, a green field
site in Aylesbury for GBP11 million;
-- The signing of an option agreement for a 13 acre development site in Braintree, Essex.
Inland Homes, together with its 50% joint venture partner Europa
Capital, has completed the sale of its site in Aston Clinton,
Buckinghamshire for a total sum of GBP22 million with the Group's
share being GBP11 million. Inland Homes recently achieved a
resolution to grant planning consent for 400 residential units and
105,000 sq ft of retail, leisure and commercial space on the
Greenfield site. Inland anticipates entering into an agreement to
manage the development on behalf of the purchasers and expects to
secure significant construction contracts to build out the
consented development.
In a separate transaction, the Group has secured a 13.1 acre
site in Cressing, near Braintree, Essex. The site and yard, which
currently includes facilities for both commercial and industrial
uses, has been identified in Braintree District Council's Local
Plan as capable of providing up to 70 new homes.
Paul Brett, Land Director at Inland Homes, commented:
"To have agreed the sale of our joint venture site in Aston
Clinton so quickly after we secured planning permission for the
development for 400 homes on site is a strong endorsement not only
of Inland's broader business strategy, but also of the team's
expertise in stock selection and navigating the planning system.
Further to this, we have realized the sale at a price that means
our share of the proceeds is GBP 0.5 million above the EPRA
valuation attributed to this site at 31 December 2016.
"Combined with the previously announced sales of sites in West
London, Farnborough and St. Albans, the second half of this year
has seen a high level of significant and profitable activity across
the business as we look to continue advancing our strategy and
deliver both sites and completed developments in answer to the
ongoing housing shortage in the UK. To this end, we have secured an
option agreement on a 13.1 acre site in Cressing, Essex and will
immediately set about realising the sites' potential by engaging
with the key stakeholders. The addition of this site brings our
strategic land bank total to 405 acres with the potential for up to
2,170 units."
Enquiries:
Inland Homes plc: Tel: +44 (0) 1494
762450
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Paul Brett, Land Director
Stifel Nicolaus Europe Limited (Nominated Tel: +44 (0) 20
Adviser & Broker): 7710 7600
David Arch
FTI Consulting (IR & Media Relations): Tel: +44 (0)20 3727
1000
Dido Laurimore
Claire Turvey
Richard Gotla
Polly Warrack
This information is provided by RNS
The company news service from the London Stock Exchange
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