22 May 2014 07:00
22 May 2014
Inland Homes PLC
('Inland Homes' or the 'Group')
Land Update - Transactions on three new sites with total GDV of £115 million
Inland Homes, the specialist housebuilder and brownfield land developer, today announces that it has recently exchanged contracts for the purchase of a site at Southampton in Hampshire and entered into options over two sites in Little Chalfont and Holmer Green, both of which are in Buckinghamshire. These sites have the potential for 620 plots.
The seven acre site at Southampton is the home of the former Meridian television studio, located to the east of Southampton city centre in a very prominent location fronting the River Itchen. It was purchased from West Register, which is part of The Royal Bank of Scotland. Inland Homes intends to create a residentially led development, comprising up to 350 residential units along with commercial space, with a planning application anticipated to be submitted in the second half of this calendar year. Consideration for the site has been agreed in a phased manner, with an initial payment of approximately 7.5 per cent of the total agreed consideration paid on exchange of contracts.
The Group intends to seek planning permission for up to 200 residential units at Little Chalfont and up to 90 residential units on the nine acre site at Holmer Green.
The combined potential gross development value of these three sites amounts to £115m.
Following the above transactions the Group's land bank is as follows:
Owned with planning consent (including those managed on behalf of Drayton Garden Village) |
992 |
Owned/contracted without consent | 843 |
Plots controlled or terms agreed without consent | 1,730 |
Total | 3,565 |
Commenting, Stephen Wicks, CEO, Inland Homes, said:
"I am very pleased to have transacted on these three sites, all of which offer exciting development potential for our Group.
"Our Group's business continues to make progress across all areas. Our land bank stands at a record high, with continuing strong demand from national housebuilders for land with planning consent, while we continue to accelerate our own housebuilding activities in order to maximise the value of our land at a time when conditions in the housing market remain favourable."
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 | Paul Weigh: 07989 129658 Alex Shilov: 07989 394027 or |
Tel: +44 (0) 1494 762450 | Corporate Broking: Simon Starr or Brian Patient | Tel: +44 (0) 20 7138 3204 |
| Tel: +44 (0) 20 7220 0500 |
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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.