21 Aug 2020 08:53
21 August 2020
Inland Homes plc
("Inland Homes", "Group" or "Company")
Asset management division to develop the Cavalry Barracks, Hounslow
Inland Homes plc, the leading brownfield developer, housebuilder and partnership housing company with a focus on the south and south-east of England, today announces that its asset management division has entered into agreements relating to the acquisition and development of one of the largest brownfield sites in London, the 36.7 acre Cavalry Barracks in Hounslow West London.
As set out in the Company's report and accounts, a growing part of the Group's business involves procuring sites on behalf of, and providing planning and management services to, investors in the property sector. The Group typically enters into a planning and management services agreement with the investors which includes procuring the opportunity to acquire brownfield land, adding value by managing the planning process and proposing a disposal plan for the consented site. This activity enables Inland Homes to earn substantial fees with a significantly reduced investment.
Using this model, the site is being acquired from the Defence Infrastructure Organisation (DIO) who manage the assets of the Ministry of Defence (MOD) with completion being subject to vacant possession and anticipated to be in August 2021. Inland Homes expects to make a planning application for a residentially led mixed use scheme of over 1,000 homes within the next six months. The Group will manage the planning and development process on behalf of the equity investors on this project and will be entitled to receive a significant share of the development profit from this high profile opportunity.
The project will have an anticipated GDV in the region of £600m. It is currently the home of the Irish Guards who are relocating to Aldershot. The site comprises over 37 acres of land and includes 14 Grade II listed buildings and 19 locally listed buildings together with over 439 existing residential accommodation units.
The entire site is allocated for a major mixed-use development via a development brief adopted by the London Borough of Hounslow.
Commenting on the transaction, Inland Chief Executive said:
"This is our fifth MOD transaction and the largest to date. We have an excellent track record in the early delivery of homes on sites such as this, a significant proportion of which will be affordable, which is particularly important in London Boroughs like Hounslow.
Our asset management division now has six live projects in London which have the potential for over 2,700 homes together with employment opportunities. These are:
Walthamstow 583 units
Barking 405 units
Hillingdon 514 units
Staines 210 units
Hounslow in excess of1,000 units
It is a testament to our long and successful track record in Brownfield development that our investors have the confidence to commit significant sums to these projects, particularly in the current challenging economic climate."
Barney Hillsdon, Principal at Avison Young who acted on behalf of the DIO added:
"This is a fantastic result for both the DIO and Inland during a very difficult time in the market. The site will deliver much needed private and affordable homes for London and will offer a diverse range of product to the market due to the retained heritage buildings on the site".
Enquiries:
Inland Homes plc: | Tel: +44 (0)1494 762450 |
Stephen Wicks, Chief Executive | |
Nish Malde, Finance Director | |
Gary Skinner, Managing Director | |
Panmure Gordon (UK) Limited | Tel: +44 (0)20 7886 2500 |
Dominic Morley | |
Erik Anderson | |
Instinctif Partners | Tel: +44 (0)20 7457 2020 |
Mark Garraway Rosie Driscoll |
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation EU 596/2014.
Notes to Editors:
Incorporated in the UK in 2005, Inland Homes plc is an AIM listed specialist housebuilder and brownfield developer, dedicated to achieving excellence in sustainability and design.
Inland Homes acquires 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 open market and affordable homes or selling surplus consented land to other developers to generate cash.
The Company is committed to extensive public and community consultation in order to ensure that, where possible, local community needs and objectives are met.
Inland's aim is to create sustainable communities and homes which set a benchmark for all future developments in the South and South East of England. The Company is always looking for brownfield sites without planning permission for future development.
For further information, please visit the Inland Homes website at www.inlandhomes.co.uk.
Hugg Homes - www.hugghomes.co.uk
Rosewood Housing - www.rosewoodhousing.co.uk