Land Sale

RNS Number : 3674Q

Inland Homes PLC

17 June 2015

 

17 June 2015

Inland Homes PLC

('Inland Homes', 'Inland' or the 'Group')

Land Sale

Inland Homes, the specialist housebuilder and brownfield land developer, today announces that Drayton Garden Village Limited ('DGVL') has sold 205 residential plots with planning permission to a major housebuilder for a consideration of £19.0 million. Contracts have now been exchanged and completion is scheduled for later this month.  As reported on 31 March 2015 in the Group's interim results, the Group, on behalf of DGVL, was very advanced in negotiations with a substantial institutional investor in the Private Rented Sector for the sale of these plots. However these discussions were suspended as a result of the significant offer received from the major housebuilder.

Following the sale of these plots, the Board is pleased to confirm that profit before tax for the year ending 30 June 2015 is anticipated to be significantly above the consensus* forecast in the market.

Commenting, Stephen Wicks, CEO, Inland Homes, said:

"The sale of these apartment plots at Drayton Garden Village is an excellent conclusion for this development site where all the residential plots have now been either sold or are under development.  Although it was unfortunate that the discussions with the institutional investor in the Private Rental Sector did not conclude on this site, we hope to continue our discussions with them in respect of other sites within the Group's extensive land bank."

"Demand for the Group's land and homes continues to be very strong and I am very pleased to report that the Board expects to significantly exceed current market consensus for the profit before tax in respect of the current financial year."

*The Board believes that the consensus forecast in the market for profit before tax is £12.7m. 

ENDS

Enquiries:
www.inlandplc.com AIM: Ticker: INL
Inland Homes plc	Stifel Nicolaus Europe Limited	Blytheweigh
Stephen Wicks, Chief Executive	Nominated Adviser & Broker	IR & Media Relations
Nishith Malde, Finance Director Paul Brett, Land Director	Corporate Finance: David Arch and Roger Clarke	Tim Blythe and Andrea Benton
Tel: [phone]	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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