Inland PLC
11 December 2007
Immediate Release 11 December 2007
Inland PLC
('Inland' or the 'Company')
Progress Update for the Annual General Meeting
The Annual General Meeting of Inland, which specialises in buying brownfield
sites and enhances their value by obtaining planning permission, will be held
at 11.00am today. Terry Roydon, Chairman, will make the following statement:
'I would like to take this opportunity today to comment briefly on Inland's
recent performance and on our prospects for the current financial year.
In line with our expectations we have received planning consent on the following
three sites during the first five months of the current financial period:
• 399 residential plots and approximately 100,000 sq ft of commercial space
at our site in Farnborough, Hampshire;
• 24 residential plots in Hatfield, Hertfordshire; and
• 14 residential plots in Borehamwood, Hertfordshire.
The development pipeline now comprises over 1,350 residential plots with a gross
development value of circa £360m and approximately 230,000 sq ft of commercial
space. The shortage for land with planning consent remains acute, not
withstanding the fact that the housing market is facing softer conditions and we
believe that we should achieve good returns on these sites.
The expressions of interest received, for our sites at Farnborough and Hatfield,
amply demonstrates the continued strong demand by housebuilders for land with
planning consent. We believe that in the current environment, housebuilders
will place a greater emphasis on acquiring land, which has already received
planning consent as opposed to land that has not which will permit building to
start immediately.
2007 has been a pivotal year for Inland as we successfully secured the desired
funding through our IPO which has enabled us to implement our strategy of
unlocking value in brownfield redevelopment. With the current government
committed to increasing house building from 200,000 to 240,000 new homes per
annum by 2016, greater emphasis will be placed on brownfield development
alongside pressure for the release of green field sites. Although the planning
system in the UK is incredibly complex, I am confident that our management
team, which has considerable experience, will continue to be successful in
obtaining lucrative opportunities and in obtaining planning permissions.
We are pleased to have completed the acquisition of Poole Investments PLC
('Poole') which has presented some key opportunities for us going forward. The
primary asset of Poole is a 9.5 acre site with waterside frontage in Lower
Hamworthy, Dorset, upon which is an investment property that provides a rental
income of £335,000 per annum. The site has significant development potential and
we have already commenced initial discussions for what we believe will result in
an exciting mixed use scheme, ultimately enhancing the value for our
shareholders.
Inland continues to demonstrate its ability to identify opportunities and create
value in a market where there is an acute shortage of land with planning
permission. I believe we have the strength and skills to increase Inland's
underlying value and the next 12 months should represent a further period of
considerable growth for the Company.'
The Company's Annual Report for the period ending 30 June 2007 can be found on
the Company's website, www.inlandplc.com
For further information please contact:
Inland Plc Tel: 01923 713 600
Stephen Wicks, Chief Executive
Nish Malde, Finance Director
Buchanan Communications Tel: 020 7466 5000
Jeremy Garcia / Susanna Gale
Notes to Editors:
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 0207509 4570.
This information is provided by RNS
The company news service from the London Stock Exchange
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