3 May 2022 07:00
3 May 2022
Inland Homes plc
("Inland Homes", "Group" or "Company")
Wilton Park land sale
Inland Homes plc, the brownfield developer, housebuilder and regeneration specialist focused on the South and South East of England, announces the conditional sale of part of Wilton Park, Beaconsfield to a major care home and retirement living operator, Beechcroft Developments, for a total consideration of £19.1m.
The sale is conditional on planning permission being achieved and both parties will work closely over the coming months to submit a planning application.
The 100-acre flagship site already benefits from planning approval for 304 new homes together with 46 retained homes, for which the Group achieved outline planning consent in 2019. The Group has subsequently achieved reserved matters approval for the first two phases within the site and sold 184 plots to private housebuilder, Bewley Homes.
The Group retains ownership of the remaining 120 plots with outline planning approval. The estimated value of the land and properties owned by the Group within Wilton Park is estimated at £90m. The Group's current bank loan on this site is circa £32m.
The conditional sale of this part of Wilton Park is in line with the Group's primary key strategic objective of maximising the value within its exiting land portfolio to deliver a reduction in net debt. The land market remains strong and the Group is maximising demand for its high quality assets against this backdrop.
Stephen Wicks, CEO of Inland Homes, commented:
"The Group's high-quality land assets continue to remain in strong demand as reflected by the conditional phase sale of part of Wilton Park, Beaconsfield.
"We continue focusing on positive cash generation, while making further reductions in net debt, our key strategic priority, as well as generating cash to reinvest in our extensive operations.
"We look forward to working with the operator on the planning in the coming months."
Enquiries
Inland Homes plc: | Tel: 44 (0)1494 762450 |
Stephen Wicks, Chief Executive |
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Nishith Malde, Finance Director |
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Panmure Gordon (UK) Limited |
Tel: 44 (0)20 7886 2500 |
Dominic Morley |
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Erik Anderson |
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Instinctif Partners Tim McCall | Tel: 44 (0)20 7457 2020 |
Galyna Kulachek |
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Bryn Woodward |
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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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