Inland Homes signs £49m agreement with B3Living

RNS Number : 4168T

Inland Homes PLC

20 July 2020

 

20 July 2020

Inland Homes plc

("Inland Homes", "Group" or "Company")

Inland Homes signs £49m agreement with B3Living to develop 195 homes in Cheshunt Lakeside

Inland Homes plc (AIM: INL), the leading brownfield developer, housebuilder and partnership housing company with a focus on the south and south-east of England, today announces that it has exchanged unconditional contracts via its joint venture, Cheshunt Lakeside Developments Limited, to sell Phase 1a at its Cheshunt Lakeside, Hertfordshire project to a local housing association, B3Living, for £15 million with a payment in full on completion in September 2020. In addition, Inland Partnerships entered into a contract with B3Living to construct 195 apartments in this Phase in a deal worth £34.5 million.  Construction will commence in October this year.

Inland Homes is also pleased to announce the following transactions:

●The completion of the sale of a development site in Staines for £6.6 million where Inland has entered into an agreement with the purchaser to manage the planning process and will receive a share of the profits once planning consent is obtained.

● The completion of the sale of Burleighfield House in High Wycombe for £1.65 million.

●An unconditional exchange of contracts for the forward sale of 24 apartments under construction at its Chapel Riverside development to a housing association for £4.5 million with completion expected in December 2020.

Stephen Wicks, Group Chief Executive commented:

"These recent transactions, at attractive prices and in a difficult economic environment, are a testament to the high quality of Inland's assets. 

"The new partnership housing contract with B3Living takes our forward order book in this division to over £100 million.

"We have a number of further significant sales in the pipeline and we will update the market in due course."

B3living's Chief Executive, Steve Woodcock, said:

"This project represents a real milestone for B3Living. This will be our largest project to date and a significant growth for our size.

"This development will also transform the local area and local lives. In our borough, we see many people who can't afford to buy outright or pay private sector rents, so homes like these are desperately needed."

Enquiries:

Inland Homes plc:	Tel: [phone]
Stephen Wicks, Chief Executive
Nish Malde, Finance Director
Gary Skinner, Managing Director
Panmure Gordon (UK) Limited	Tel: [phone]
Dominic Morley
Erik Anderson
Instinctif Partners	Tel: [phone]
Mark Garraway Rosie Driscoll

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation EU 596/2014.

Notes to Editors:

Incorporated in the UK in 2005, Inland Homes plc is an AIM listed specialist housebuilder and brownfield developer, dedicated to achieving excellence in sustainability and design.

Inland Homes acquires 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 open market and affordable homes or selling surplus consented land to other developers to generate cash.

The Company is committed to extensive public and community consultation in order to ensure that, where possible, local community needs and objectives are met.

Inland's aim is to create sustainable communities and homes which set a benchmark for all future developments in the South and South East of England. The Company is always looking for brownfield sites without planning permission for future development.

For further information, please visit the Inland Homes website at  www.inlandhomes.co.uk .

Hugg Homes -  www.hugghomes.co.uk

Rosewood Housing -   www.rosewoodhousing.co.uk

 

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