Last checked at 30 Jun 2015 10:45
Trafalgar New Homes plc
("Trafalgar New Homes" or the "Company")
Project Update
Trafalgar New Homes, the AIM quoted property developer operating in southeast England, today provides an update on its development portfolio.
The Company's appeal to its planning application at Staplehurst, Kent, was dismissed. The Company is reviewing its options with the site and intends to seek the advice of its planning consultant on the prospect of submitting a new application for a revised scheme and which they hope might address the reasons for the previous scheme to be rejected. The Company's previous application was for a development of 22 homes.
The Company holds an option over the land concerned, which has been extended twice to expire on 21 May 2016. The Company is entitled to purchase the land at its current use value, whether or not planning permission is granted to it, at any time prior to the expiry of the option agreement. The Board of Trafalgar New Homes still believes that there is potential for a housing development on this site, as they believe there is both need and government desire to increase housing supply in the area. The Maidstone Borough Council Strategic Housing Land Availability Assessment has identified the land as being suitable for a limited quantum of housing.
On other projects, we are well advanced on our building programmes at Ticehurst, East Sussex (two houses) and Borough Green, Kent (two houses) and are about to commence work on the Tunbridge Wells, Kent site that we own (six apartments). It is anticipated that these sites will contribute to earnings in the current financial year.
On the site at Sheerness, Kent we are in the process of choosing a contractor for the construction of the six houses to be built thereon and once chosen, work will commence. In addition offers have been made to purchase sites in Platt, Sevenoaks, Kent (four houses) and Edenbridge, Kent (three houses) which sites, with others, are expected to contribute profits for the year ending 31 March 2017.
At Oakhurst Park Gardens, all but one unit has been sold, which is currently being let for the time being.
We continue to consider development opportunities presented to us and have no shortage of referrals from our favoured land agents and consultants in addition to those opportunities generated by and through our own investigations.
Enquiries:
Trafalgar New Homes Plc Christopher Johnson
| +44 (0)1732 700 000 |
Allenby Capital Ltd - Nominated Adviser and Broker Jeremy Porter/James Reeve
| +44 (0)20 3328 5656 |
Yellow Jersey PR Limited Dominic Barretto | +44 (0)7768 537 739
|
Notes to Editors:
Trafalgar New Homes is the holding company of Combe Bank Homes, a successful residential property developer operating in the southeast of England. The founders of Combe Bank Homes have a long track record of developing new and refurbished homes, principally in Kent.
The Company's focus is on the select acquisition of land for residential property development. The Company outsources all development activities, for example the obtaining of planning permission, design and construction, and uses fixed price build contracts. This enables the Company to tightly control its development and overhead costs.
The Company focuses on the regions of Kent, Surrey, Sussex and the M25 ring south of London and targets development sites of up to 20 homes, with sales prices typically ranging from £100,000 to £750,000 per unit, although larger projects are undertaken.
For further information visit www.trafalgar-new-homes.co.uk