Transactions at Drayton Garden Village

RNS Number : 9310O

Inland Homes PLC

26 September 2013

 



26 September 2013

INLAND HOMES PLC

("Inland Homes")

Transactions at Drayton Garden Village

Inland Homes today announces that Drayton Garden Village Ltd ('DGVL'), with whom Inland Homes has an Option and Development Services Agreement, has exchanged contracts to sell 107 apartments at Drayton Garden Village to Paradigm Housing Association.

The land sale is part of a turnkey package including build costs to provide 107 completed units for the sum of £21m.

Additionally, DGVL has also exchanged contracts with Sainsbury's supermarket to enter into a 15 year lease to occupy a 4,000 sq ft commercial unit for a "Sainsbury's Local" at a starting rent of £64,000 per annum.

Stephen Wicks, Chief Executive, Inland Homes, commented:

"These are excellent, highly profitable transactions for DGVL.  We are delighted to be working with Paradigm which is a large, well-funded housing association. 66 of the units are for shared ownership with the balance for rent. This is very much in line with our vision to create a new mixed tenure Garden Village.

"It is also a testament to the quality of the environment at Drayton Garden Village that we have been able to attract a retailer of the calibre of Sainsbury to our development."

ENDS

For further information please contact:

Inland Homes plc                              www.inlandplc.com                Tel: [phone]

Stephen Wicks, Chief Executive

Nishith Malde, Finance Director

Paul Brett, Land Director

finnCap                                              Nomad & Broker                     Tel: [phone]

Matthew Robinson / Simon Hicks (Corporate Finance)

Simon Starr / Brian Patient (Corporate Broking)

Blythe Weigh Communications                                                       Tel: [phone]

Paul Weigh                                                                                          Mobile: [phone]

Halimah Hussain                                                                                 Mobile: [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.  It also builds houses for private sale and in addition sells consented land onto other developers.

 

END

 

 

MSCLLFVTAVIEFIV