Final Payment For Drayton Garden Village

RNS Number : 1626D

Inland Homes PLC

26 March 2014

 



26 March 2014

Inland Homes PLC

('Inland Homes' or the 'Group')

Payment of outstanding deferred consideration for Drayton Garden Village

Inland Homes, the specialist housebuilder and brownfield land developer, today announces that Drayton Garden Village Limited ('DGVL') has paid the final outstanding deferred consideration of £4.73 million due to The Ministry of Defence in relation to its purchase of Drayton Garden Village ('DGV').

As a result of the final payment being made, Inland Homes' share of profit for the provision of development services provided by the Group to DGVL has increased to the maximum limit of 90 per cent.

Inland Homes' Board of Directors anticipates that, from 1 January 2014, the Group's share of future profits from DGV should be approximately £5.4 million, net of tax, which is equivalent to 2.66p per ordinary share.

During the Group's current financial year, DGVL has completed the sale of 31 residential units, which it developed for open market sale, for a total consideration of £9.89m.  Total cash of £7.64m has also been received to date in respect of a contract for the sale of 107 residential units for £21.0m, which are under construction for the purchaser.  The letting of a 4,000 sq ft retail unit to Sainsbury's, under a 15 year lease for an annual rent of £64,000 is expected to become unconditional shortly.  DGVL is currently marketing the sale of 48 residential plots and expects to complete this sale by 30 June 2014.  Once this sale has been completed DGV will have 247 residential plots with planning consent which have yet to be developed.

ENDS

Enquiries:
www.inlandplc.com AIM: Ticker: INL
Inland Homes plc	finnCap	Blytheweigh
Stephen Wicks, Chief Executive	Nominated Adviser & Broker	IR & Media Relations
Nishith Malde, Finance Director Paul Brett, Land Director	Corporate Finance: Matthew Robinson or Simon Hicks	Paul Weigh: 07989 129658 Alex Shilov: 07989 394027 or
Tel: [phone]	Corporate Broking: Simon Starr or Brian Patient	Tel: [phone]
	Tel: [phone]

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, before building houses for private sale or selling consented land onto other developers.

 

END

 

 

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