(Alliance News) - Inland Homes PLC said Monday it has received planning consent for the 100-acre Wilton Park site in Buckinghamshire, UK, which will allow for the delivery of 350 homes, as well as commercial and community space.
Wilton Park is the housebuilder's flagship site, with an estimated gross development value of GBP350 million. A further part of the site is subject for development, which if adopted could provide up to an additional 250 homes and 200,000 square feet of commercial space.
Inland Homes also said that it has exercised its put and call option agreement with joint venture partner at Cheshunt Lakeside in Hertfordshire, UK.
The group will acquire its joint venture partner's 50% interest in Cheshunt Lakeside Developments Ltd for GBP29.9 million, of which GBP10 million has already been paid.
Inland Homes is finalising a facility to fund part of the consideration, with the remainder coming from the group's resources. The acquisition is expected to be completed on Monday next week.
"This is another significant step forward in the delivery of our flagship site Wilton Park, and for the continued success of the group. Together with the recent consent at Cheshunt Lakeside, these two sites provide over 1,650 consented plots for our land bank. The acquisition of our joint venture partner at Cheshunt provides us the opportunity to extract significant land and development profits from this magnificent sit," said Chief Executive Officer Stephen Wicks.
Shares in Inland Homes were up 3.6% at 74.60 pence on Monday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
