INL.L Regulatory News (INL)

25 Oct 2007 07:01

Inland PLC25 October 2007 For immediate release 25 October 2007 Inland plc ("Inland" the "Company") Farnborough Secures Full Planning Permission & Additional 38 Units in North London Receive Planning Permission Inland, which specialises in buying 'brownfield' sites and enhancing their valueby obtaining planning permission, is pleased to announce that three additionalsites held within the Company's portfolio have now gained full planningpermission. The 24.5 acre site in Farnborough, Hampshire has now received detailed planningapproval for the construction of 399 new residential plots consisting of 262apartments and 137 houses, following on from the announcement made of 11 Octoberwhen a Resolution to grant planning permission was granted. The site will alsoinclude over 100,000 sq ft. of commercial space. In addition, Inland has also received notification that two smaller schemes inNorth London (Borehamwood and Hatfield) have received full planning permissionfor a combined total of 38 residential units. A decision has not yet been taken by Inland whether to dispose of these sites orto continue to hold them as part of the strategy to develop the Group'slong-term land bank. Stephen Wicks the Inland CEO commented:"Today's announcement on Farnborough is great news for Inland and ourshareholders. By obtaining full planning permission in under 14 months webelieve our team has added significant value to this asset." "We are also delighted to have secured planning permission on our Borehamwoodand Hatfield developments. Whilst significantly smaller than Farnborough, theyare located in traditional residential areas where demand for land is at apremium. We expect returns on these sites to far exceed our originalexpectations." For further information please contact: Inland Plc Tel: 01923 713 600Stephen Wicks, Chief Executive Nish Malde, Finance Director Buchanan Communications Tel: 020 7466 5000Jeremy Garcia / Susanna Gale 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