27 July 2012
Inland Homes plc
('Inland' or the 'Company')
brownfield regeneration specialists and home builders
Inland identifies brownfield land in the South East of England where it considers it to hold excellent potential for residential and mixed use development including commercial space. It then seeks to enhance its land value by obtaining planning permission before selling consented land onto developers. It also develops some of its plots for private sale.
The Board of Inland Homes plc wishes to provide the following update on its activities ahead of the Group's Preliminary results for the year ended 30 June 2012.
· St John's Hospital, Essex (Northern Part)
Following the submission of our planning application in February 2012, a resolution to grant planning consent subject to signing a S106 legal agreement has now been received for 127 residential plots which will include only 14 affordable units. The contributions required to be paid under the S106 legal agreement have already been agreed and we are hopeful of concluding this soon.
· Queensgate, Farnborough
Inland has obtained a resolution to grant an improved planning consent subject to executing a S106 agreement which is in the process of being signed and is expected to lead to the release of the new planning consent for its site at Queensgate, Farnborough for 276 residential units. The revised consent will include a reduction of affordable units from 35% to 20% and no changes to the S106 contributions.
A land sale that was expected to generate a profit contribution of approximately £2m for the year ended 30 June 2012 did not conclude as originally anticipated prior to the year end. Negotiations are at an advanced stage with a potential buyer and we hope to report a conclusion on this sale in the near future.
Whilst Inland's profit expectation for the year to 30 June 2012 is adjusted accordingly, it does not anticipate any impact to the Group's underlying net asset value which remains robust.
We look forward to updating shareholders further at the time of the Company's Preliminary Results.
Inland Homes plc
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Tel: 01494 762450
AIM: Ticker: INL
Nominated Adviser & Broker
Tel: 020 7220 0500
Fiona Tooley, Director
Graeme Cull, Consultant
Tel: 07785 703523