30 Nov 2011 07:00
For immediate release | 30 November 2011 |
Inland Homes plc
('Inland' or the 'Company')
Land Update
Inland Homes PLC which specialises in buying brown field sites and enhances their value by obtaining planning permission before selling consented land onto developers, is pleased to confirm that after considerable interest from major house builders, Drayton Garden Village Limited has exchanged contracts with a substantial private house builder for the sale of 88 apartment plots at Drayton Garden Village for a minimum of £5.75m of which a deposit of 10% has already been received. Completion of the sale is scheduled for 4 January 2012. Further sale proceeds may be receivable based on the house builder exceeding the revenue from completed units beyond an agreed threshold.
Inland Homes plc | |
Stephen Wicks, Chief Executive | Tel: 01494 762450 |
Nishith Malde, Finance Director | Tel: 01494 762450 |
finnCap Nominated Adviser & Broker | |
Matthew Robinson (Corporate Finance) | Tel: 020 7220 0500 |
Rose Herbert (Corporate Finance) | Tel: 020 7220 0500 |
Buchanan | |
Jeremy Garcia / Christian Goodbody | Tel: 020 7466 5000 |
About Inland:
Inland identifies brownfield land in the South East of England with excellent potential for residential and mixed use development including commercial space. Inland then enhances the land value by applying its expertise to obtain planning permission and subsequently sells the consented land onto house builders. Inland's current portfolio consists of 10 sites with a total of 1,590 residential plots of which 1,109 are consented and 260,000 sq. ft of commercial space of which 152,000 sq. ft. is consented. Inland's strategy is to secure large sites as principals or with joint venture partners. Land disposals are core to fund operations and realise the value of existing sites. The Company also develops a small part of large sites and constructs the infrastructure so as to provide serviced sites to house builders and create an attractive environment.