Inland PLC
11 October 2007
Immediate Release 11 October 2007
Inland plc
('Inland' the 'Company')
24.5 acre Farnborough site gains Resolution to Grant Planning Consent
Inland, which specialises in buying 'brownfield' sites and enhancing their value
by obtaining planning permission is pleased to announce that it has received a
Resolution to grant planning permission subject to signing a legal agreement
with Rushmoor Borough Council on its 24.5 acre site in Farnborough, Hampshire.
The site, which Inland acquired from the Ministry of Defense in August 2006 for
£21.5 million had been identified within the Local Plan for a mix of commercial
and residential development.
The planning permission will be for 399 new residential plots consisting of 262
apartments and 137 houses. The site also includes over 100,000 sq ft. of
commercial space. Some of the existing buildings that will remain on the site
have been let for an annual rental of £295,000.
The site is a high profile prestigious opportunity and Inland is already
receiving strong interest from major housebuilders operating in the area. A
decision has not been taken by Inland whether to dispose of the site or to
continue to hold it as part of the Group's long-term land bank.
Stephen Wicks the Inland CEO commented:
'We are delighted to announce the receipt of this Resolution to grant planning
consent for Farnborough today which is one of our flagship sites. To have
achieved this within 14 months from the date of acquisition is testament to our
ability to successfully negotiate this Resolution against a backdrop of a very
difficult planning environment. We expect the returns on this site to far exceed
our original expectations.'
For further information please contact:
Inland Plc Tel: 01923 713 600
Stephen Wicks, Chief Executive Tel: 020 7466 5000
Nishith Malde, Finance Director
Buchanan Communications
Jeremy Garcia
About Inland plc
Inland plc is a dynamic developer of urban regeneration projects around Southern
England. Predominantly specialising in Brownfield developments, the Inland team
can provide solutions to a variety of difficult and sensitive land situations.
Inland successfully navigates the complex planning system, applying meticulous
attention to detail throughout the design process whilst utilising its close
working relationships with local authorities. Our ability to secure sites often
overlooked by others, means our track record in the development of Brownfield
opportunities is second to none.
Dawnay, Day Corporate Finance Limited is the Nominated Adviser. David Floyd and
Alex Stanbury can be contacted on 020 7509 4570.
This information is provided by RNS
The company news service from the London Stock Exchange
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