26 Sep 2013 07:00
26 September 2013
INLAND HOMES PLC
("Inland Homes")
Transactions at Drayton Garden Village
Inland Homes today announces that Drayton Garden Village Ltd ('DGVL'), with whom Inland Homes has an Option and Development Services Agreement, has exchanged contracts to sell 107 apartments at Drayton Garden Village to Paradigm Housing Association.
The land sale is part of a turnkey package including build costs to provide 107 completed units for the sum of £21m.
Additionally, DGVL has also exchanged contracts with Sainsbury's supermarket to enter into a 15 year lease to occupy a 4,000 sq ft commercial unit for a "Sainsbury's Local" at a starting rent of £64,000 per annum.
Stephen Wicks, Chief Executive, Inland Homes, commented:
"These are excellent, highly profitable transactions for DGVL. We are delighted to be working with Paradigm which is a large, well-funded housing association. 66 of the units are for shared ownership with the balance for rent. This is very much in line with our vision to create a new mixed tenure Garden Village.
"It is also a testament to the quality of the environment at Drayton Garden Village that we have been able to attract a retailer of the calibre of Sainsbury to our development."
ENDS
For further information please contact:
Inland Homes plc www.inlandplc.com Tel: 01494 762450
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Paul Brett, Land Director
finnCap Nomad & Broker Tel: 020 7220 0500
Matthew Robinson / Simon Hicks (Corporate Finance)
Simon Starr / Brian Patient (Corporate Broking)
Blythe Weigh Communications Tel: 020 7138 3208
Paul Weigh Mobile: 07989 129658
Halimah Hussain Mobile: 07725 978141
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. It also builds houses for private sale and in addition sells consented land onto other developers.