LONDON (Alliance News) - Inland Homes PLC said Thursday it has been granted planning permission for its flagship Buckinghamshire site, with a new date set for a delayed planning hearing for a Hertfordshire project.
Shares in Inland Homes were 5.2% higher at 61.01 pence on Thursday.
The property developer, which focuses on brownfield sites, explained its 100 acre site at Wilton Park in Beaconsfield has taken a "significant step forward" after a planning committee on Wednesday resolved to grant permission to the project.
Under the current permission, the GBP350 million Wilton Park project will deliver 350 homes as well as commercial and community space. A further part of the site is subject to a draft allocation for development of a further 250 homes and 200,000 square foot of commercial space.
In Hertfordshire, Inland explained a deferred planning decision in May for its Cheshunt Lakeside project has resulted in a delay to achieving planned transactions on this site in June. The new planning hearing date is now set for June 25.
Inland emphasised that "positive" decision on both the Wilton Park and Cheshunt Lakeside sites would result in an increase in its valuations.
"We have continued to build on the underlying value of our projects since our half-year end results and a significant amount of effort has been put into both Cheshunt Lakeside and Wilton Park," Inland Chief Executive Officer Stephen Wicks said.
"After a number of years of hard work on Wilton Park, I am delighted with the positive decision delivered by the planning committee yesterday," Wicks added. "With planning approval anticipated in June 2019 on Cheshunt Lakeside and subsequent value realisation, it is appropriate that we extend our reporting period by three months in order for us to report to shareholders on the effect to the underlying value of the group."
Inland also announced it will change the end of its financial year to September end from the current June end as it believes it is "important to capture as much value as possible following significant planning decisions" and have this reflected in its annual results.