Inland Homes PLC INLAND HOMES AGREES LAND SALE TO CREST NICHOLSON (3146S)
June 25 2018 - 2:00AM
UK Regulatory
TIDMINL
RNS Number : 3146S
Inland Homes PLC
25 June 2018
25 June 2018
Inland Homes plc
INLAND HOMES AGREES LAND SALE TO CREST NICHOLSON AND SECURES
PRE-LET TO PREMIER INN FOR BOURNEMOUTH HOTEL DEVELOPMENT
Inland Homes plc (AIM: INL) ("Inland" or the "Group"), the
specialist brownfield land developer and housebuilder with a focus
on the south and south east of England, announces that it has
completed the sale of phase two of its prime waterside Sherborne
Wharf project in Birmingham, to Crest Nicholson, for GBP4.34
million.
Acquired during the 2016 financial year, Inland subsequently
secured consent for a total of 233 residential units, comprising
the first two phases of the development. Crest Nicholson has
acquired a 1.0 acre site, with detailed planning for the
development of 87 residential units. The sale is the second at the
site following the sale of phase one of the project, comprising 146
consented units, also to Crest Nicholson, in December 2017.
In a second transaction, Inland has agreed a pre-let to Premier
Inn for a 46,000 sq ft, 107-room hotel development in Bournemouth.
Inland secured consent for the hotel and an additional 85
apartments in June last year. Situated on the site of the former
Wessex Hotel in central Bournemouth, approximately half a mile from
the city centre in the West Cliff area, Premier Inn has agreed a
25-year lease, with 5-year upward only reviews, at an agreed
starting rent of GBP588k per annum.
Demolition of the old hotel is near completion, with
construction of the basement car park for both the new hotel and
residential apartments anticipated to commence in September.
Stephen Wicks, CEO of Inland Homes, commented:
"These are significant transactions that demonstrate both the
market-leading expertise of our planning team, as well as the
appeal and variety of schemes that sit within the Inland Homes
portfolio. At Sherborne Wharf, we have taken what was a complex
site and realised significant value through this sale to one of the
UK's leading housebuilders.
"On the Wessex site in Bournemouth, we were pleased to have
secured a pre-let to a strong covenant, which has delivered
significant capital value uplift. Inland has a growing reputation
as a highly experienced mixed-use developer and this project is a
clear demonstration of these credentials."
-ENDS-
Enquires:
Inland Homes plc Tel: +44 (0) 1494 762 450
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
Nominated Adviser and Broker
Dominic Morley (Corporate Finance)
Erik Anderson (Corporate Broking)
FTI Consulting Tel: +44 (0) 20 3727 1000
Dido Laurimore
Claire Turvey
Richard Gotla
Jeanne Provencher
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END
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