8 Nov 2021 07:00
8 November 2021
Inland Homes plc
("Inland Homes" or the "Group")
Forward sale of 161 new homes at Carters Quay, Poole
Inland Homes plc, the brownfield developer, housebuilder and regeneration specialist focused on the South and South East of England, today announces that it has agreed to sell the final phase of its Carters Quay development in Poole to Bournemouth, Christchurch and Poole ("BCP") Council.
The Carters Quay development is an excellent example of Inland Homes' business model and skill set in action - it acquired brownfield land, formerly the Pilkington Tile Factory, and worked with the local council on a long-term basis to regenerate an old unused industrial site to create much needed new homes and commercial space. To date, Inland Homes has completed three phases of this development, which have provided 165 homes.
The last phase of the development will provide 161 new homes and 8,000 square feet of commercial space. The Group has received a deposit, together with an advance payment of £8.25m, which will provide a further reduction in the Group's borrowings. The contract is for a total consideration of £43.5m over the next 36 months or so, with monthly stage payments being made to Inland Homes as the project progresses.
Inland Partnerships will construct the new homes on BCP's behalf and transfer the land and buildings and recognize the income from this phase when the project is complete. The site is ready for construction and piling works are set to commence in April 2022. Build completion is anticipated by the end of 2024.
Chief Executive Stephen Wicks commented:
"We are delighted to be working in partnership with BCP Council to deliver the final 161 homes at Carters Quay. We have already built a collaborative and productive relationship with BCP, who shared our vision for the regeneration of Carters Quay from the outset.
"The Group's partnership housing division is growing from strength to strength with a forward order book now in excess of £200m. Our partners recognise the Group's ability to add value across all stages of the project and this latest contract is testament to that."
Enquiries
Inland Homes plc: | Tel: +44 (0)1494 762450 |
Stephen Wicks, Chief Executive | |
Nishith Malde, Finance Director | |
Gary Skinner, Managing Director | |
Panmure Gordon (UK) Limited | Tel: +44 (0)20 7886 2500 |
Dominic Morley | |
Erik Anderson | |
Instinctif Partners Tim McCall | Tel: +44 (0)20 7457 2020 |
Galyna Kulachek | |
Bryn Woodward | |
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
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.
Environmental, Social and Governance credentials
Inland Homes is committed to ensuring its land, housebuilding and partnership housing activities leave a positive lasting legacy. As specialists in brownfield site regeneration the Group already has a proud history of adding lasting value through its expertise and experience in site remediation, which allows derelict and near derelict land to be regenerated and used for the construction of new homes.
Inland Homes takes its position as an industry leader extremely seriously and has developed its Environmental, Social and Governance (ESG) framework against the broader backdrop of an escalating global climate issue. The Group's ESG framework, which has been aligned to four of the UN Sustainable Development Goals, sets out our high-level commitments. Using this framework, we are now focused on developing a full ESG strategy. The strategy will identify clear goals and metrics to enable us to measure and report on our performance and success in this space.
For further information, please visit the Inland Homes website at: www.inlandhomesplc.com
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