1 Dec 2014 07:00
1 December 2014
Inland Homes PLC
('Inland Homes', the 'Company' or the 'Group')
AGM Statement
The Board of Inland Homes, the specialist housebuilder and brownfield land developer, provides the following statement ahead of its Annual General Meeting to be held today, 1 December 2014 at 11.00am.
The Group has achieved 161 private housing completions since 1 July 2014 of which 94 units were at our development in Ashford, Middlesex. These completions generated gross revenues of £38.4m and are significantly ahead of the 114 completions achieved for the year ended 30 June 2014 with gross revenues of £18.8m. Forward sales stand at £30.2m in respect of residential units reserved or contracted or being built to order. Additionally, at Drayton Garden Village, negotiations are now at an advanced stage with an institutional purchaser for the sale of 205 residential units for Private Rental purposes.
A 3.6 acres site has recently been acquired from the National Grid for a scheme of approximately 225 residential units and 30,000 sq ft of commercial space. In addition, completion of the purchase of a one acre site in Southall has also taken place which is suitable for approximately 50 residential units.
The Group currently has planning applications submitted for 545 residential units and 7,700 sq ft of commercial space across four sites. Since 1 July 2014 planning consents or resolutions to grant planning permission have been received on five sites for 393 residential units and 205,000 sq ft of commercial space. In addition, the Company has made representations on seven strategic sites for the delivery of up to 1,500 residential homes and made pre-application submissions on six sites for 892 residential homes. Following the withdrawal of the Judicial Review of the Ministry of Defence's decision to sell the Wilton Park site in Beaconsfield, excellent progress is being made at the site, with planning consent now received for the first leg of the relief road.
Inland Homes continues to secure excellent land opportunities with the land bank currently in excess of 4,000 plots.
Stephen Wicks, Chief Executive, commented:
"The expansion of our housebuilding activity continues to progress well, in line with our expectations, and it is very pleasing to report the successful completion of 161 private housing units already this financial year.
"Market conditions in the south and south east of England, where we primarily operate, remain strong. Our land bank continues to grow, we have a healthy pipeline of opportunities and remain confident of growth in the land bank and its underlying value."
ENDS
Enquiries: | ||
www.inlandplc.com AIM: Ticker: INL | ||
Inland Homes plc | finnCap | Blytheweigh |
Stephen Wicks, Chief Executive | Nominated Adviser & Broker | IR & Media Relations |
Nishith Malde, Finance Director Paul Brett, Land Director
| Corporate Finance: Matthew Robinson or Simon Hicks | Alex Shilov: 07989 394 027 or Eleanor Parry: 07551 293620 |
Tel: +44 (0) 1494 762450 | Corporate Broking: Rhys Williams
Tel: (0) 20 7600 1658 | Tel: +44 (0) 20 7138 3204 |
Notes to Editors:
Inland Homes identifies brownfield land in the South and South-East of England principally for residentially led development schemes. The business then enhances the land value by obtaining planning permission, before building houses for private sale or selling consented land onto other developers.