INL.L Regulatory News (INL)

14 December 2015

Inland Homes PLC

('Inland Homes', 'Inland', the 'Company' or the 'Group')

AGM Statement

Inland Homes, the specialist housebuilder and brownfield land developer, provides the following statement ahead of its Annual General Meeting to be held today, 14 December 2015 at 10.00am.

Since 1 July 2015 the Group has sold 244 plots across three sites for a total consideration of £21.5 million including 175 plots at the former RAF Stanbridge site in Leighton Buzzard, Bedfordshire. The Group has also achieved 74 private housing completions since 1 July 2015 generating gross revenues of £24.7 million. Forward sales stand at £21.7 million in respect of residential units reserved or contracted or being built to order. 

The Group is pleased to confirm that it has signed an agreement with Southampton City Council that appoints Inland as the Council's development partner for an 8.9 acre former brownfield depot site to be known as 'Chapel Riverside'.

As the Council's development partner, Inland will be responsible for the delivery of a substantial regeneration of over 380 residential units and a marine based commercial development fronting on the River Itchen. The scheme will have a gross development value of over £110 million.

Inland is also pleased to confirm that it has received a resolution to grant planning permission for 95 residential units plus 4,000 square feet of commercial space at its prime development site at The Vale, Acton in West London, which has an estimated GDV in excess of £50 million.

A planning application has been made for over 400 homes and 60,000 square feet of commercial space on its 75 acre site at Aston Clinton, Buckinghamshire.

The land bank currently stands at 5,043 plots, 967 of which have a planning consent or a resolution to grant planning consent. There are planning applications submitted in relation to 1,079 plots and there are pre-application discussions on-going regarding a further 1,719 plots. Since 1 July 2015 we have received planning consents or resolutions to grant planning consents on 503 plots and 7,114 square feet of commercial space and we are targeting another 1,545 plots and 72,958 square feet of commercial space by 30 June 2016.

Stephen Wicks, Chief Executive, commented:

"The Group is on track to deliver another significant set of results for the current financial year.

"Our strategy of focusing in Southern England continues to position us strongly in our own market and we aim to take advantage of the current favourable economic environment to capture further opportunities.

"Looking forward, we will continue executing our unique land bank acquisition strategy, as well as crystallising value on existing plots, delivering further shareholder value."

ENDS