INL.L Share News (INL)

(Sharecast News) - Inland Homes has facilitated the purchase of a "high profile development site" on behalf of an investor with whom it had a long standing relationship, it announced on Monday.The AIM-traded South East of England-focussed housebuilder and brownfield developer said the six acre site, known as 'Hillingdon Gateway' in the London Borough of Hillingdon, was allocated for a major residential-led mixed use scheme, which had capacity for more than 400 homes and commercial space.It said the site had a long planning history, including an approval in 2014 for a 3,500 square metre retail food store, a 70-bed hotel and 125 homes.More recently, it received a refusal for 435 residential units and some business space.Inland said it would manage the planning process and the ultimate development on behalf of the unnamed investor for a management fee, and a share of the development profits."This is a high profile opportunity next to Hillingdon station with fast access to London on the Metropolitan line," said Inland Homes chief executive Stephen Wicks."It also adjoins the M40 and thus a highly sustainable location."Wicks said that, although it had a long chequered planning history, Inland had an "excellent" track record in resolving planning issues and securing viable planning permissions, with the board reportedly confident in achieving it on that site, having already formulated a "very focussed" strategy to secure an early consent."Once consent is secured, Inland expects to negotiate a major partnership housing opportunity with a housing association or a build-to-rent operator."