Land Update

RNS Number : 0173V

Inland Homes PLC

05 January 2012

 



For Immediate Release

5 January 2012

Inland Homes plc

('Inland' or the 'Company')

Land Update

Inland Homes PLC which specialises in buying brown field sites and enhances their value by obtaining planning permission before selling consented land onto developers, is pleased to confirm that Drayton Garden Village Limited has completed the sale of 88 apartment plots at Drayton Garden Village for £5.75m.  Further sale proceeds may be receivable based on the house builder exceeding the revenue from completed units beyond an agreed threshold. 

Drayton Garden Village is consented for 773 residential plots and 55,000 sq ft of commercial space of which 236 plots have been sold and unconditional contracts have been exchanged for the sale of the land for an 80 bed nursing home.  Gross receipts from these sales now amount to £22.78m. 

Inland Homes plc
Stephen Wicks, Chief Executive	Tel:  [phone]
Nishith Malde, Finance Director	Tel:  [phone]
finnCap Nominated Adviser & Broker
Matthew Robinson (Corporate Finance)	Tel:  [phone]
Rose Herbert (Corporate Finance)	Tel:  [phone]
Buchanan
Jeremy Garcia / Christian Goodbody	Tel:  [phone]

About Inland:

Inland identifies brownfield land in the South East of England with excellent potential for residential and mixed use development including commercial space.  Inland then enhances the land value by applying its expertise to obtain planning permission and subsequently sells the consented land onto house builders.  Inland's current portfolio consists of 10 sites with a total of 1,514 residential plots of which 1,021 are consented and 260,000 sq. ft of commercial space of which 152,000 sq. ft. is consented.  Inland's strategy is to secure large sites as principals or with joint venture partners.  Land disposals are core to fund operations and realise the value of existing sites.  The Company also develops a small part of large sites and constructs the infrastructure so as to provide serviced sites to house builders and create an attractive environment.

 

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