INL.L Regulatory News (INL)

11 Oct 2007 07:00

Inland PLC11 October 2007 Immediate Release 11 October 2007 Inland plc ("Inland" the "Company") 24.5 acre Farnborough site gains Resolution to Grant Planning Consent Inland, which specialises in buying 'brownfield' sites and enhancing their valueby obtaining planning permission is pleased to announce that it has received aResolution to grant planning permission subject to signing a legal agreementwith Rushmoor Borough Council on its 24.5 acre site in Farnborough, Hampshire. The site, which Inland acquired from the Ministry of Defense in August 2006 for£21.5 million had been identified within the Local Plan for a mix of commercialand residential development. The planning permission will be for 399 new residential plots consisting of 262apartments and 137 houses. The site also includes over 100,000 sq ft. ofcommercial space. Some of the existing buildings that will remain on the sitehave been let for an annual rental of £295,000. The site is a high profile prestigious opportunity and Inland is alreadyreceiving strong interest from major housebuilders operating in the area. Adecision has not been taken by Inland whether to dispose of the site or tocontinue to hold it as part of the Group's long-term land bank. Stephen Wicks the Inland CEO commented: "We are delighted to announce the receipt of this Resolution to grant planningconsent for Farnborough today which is one of our flagship sites. To haveachieved this within 14 months from the date of acquisition is testament to ourability to successfully negotiate this Resolution against a backdrop of a verydifficult planning environment. We expect the returns on this site to far exceedour original expectations." For further information please contact: Inland Plc Tel: 01923 713 600Stephen Wicks, Chief Executive Tel: 020 7466 5000Nishith Malde, Finance DirectorBuchanan CommunicationsJeremy Garcia About Inland plc Inland plc is a dynamic developer of urban regeneration projects around SouthernEngland. Predominantly specialising in Brownfield developments, the Inland teamcan provide solutions to a variety of difficult and sensitive land situations. Inland successfully navigates the complex planning system, applying meticulousattention to detail throughout the design process whilst utilising its closeworking relationships with local authorities. Our ability to secure sites oftenoverlooked by others, means our track record in the development of Brownfieldopportunities is second to none. Dawnay, Day Corporate Finance Limited is the Nominated Adviser. David Floyd andAlex Stanbury can be contacted on 020 7509 4570. This information is provided by RNS The company news service from the London Stock Exchange