Land update

RNS Number : 8290T

Inland Homes PLC

13 December 2011

 

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 detailed planning consent has now been received on the 80 bed nursing home at Drayton Garden Village and the contract for the sale of the land for £1.8m has now been declared unconditional, further to the announcement made on 31 May 2011.  The deposit monies of £90,000 have been released to Drayton Garden Village Limited with completion of the sale due on 18 January 2012.

Drayton Garden Village is consented for a total of 773 plots of which 236 have been sold generating gross land receipts of £20.88m so far on this project.

Stephen Wicks, Chief Executive of Inland commented:

"I am delighted that this contract is now unconditional and has resulted in an extremely attractive receipt for this 0.75 acre plot.  The nursing home operator expects to commence construction in mid 2012.Upon completion up to 100 jobs will be created boosting the local economy and advancing Inland's vision of creating a vibrant new mixed use community at Drayton Garden Village."

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 Communications
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 1,590 residential plots of which 1,109 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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