4 April 2012
Inland Homes plc
('Inland' or the 'Company')
brownfield regeneration specialists and home builders
· completion of the purchase of St John's Hospital (southern part)
· six-acre site acquired at Grays, Essex
· planning permission secured on the Swan Public House site, West Drayton
Inland Homes plc is pleased to provide the following update:
· St John's Hospital, Essex
The Company referred in its Half-year report to the purchase of the southern part of the St John's Hospital in Chelmsford for £9.0 million. £2.0 million has been paid following completion with the balance subject to deferred terms agreed with the vendor and summarised in the Half-year report.
Inland expects to achieve in excess of 100 homes on the southern section with the majority being detached houses backing onto Chelmsford Golf Course. This 6.5-acre site will be developed at a lower density than the northern part of the hospital acquired by Inland in January this year where following our recent submission we expect approval of our planning application for the northern part of the project within the next few months.
· Land at Grays, Essex
The Company is also pleased to announce the acquisition of a six-acre site in Grays for £1.3 million; this land has planning permission for 130 units. The Company intends to sell part of the land to other house builders and develop certain areas itself in the future.
· Swan Public House, West Drayton
Inland has obtained planning permission on the Swan Public House site in West Drayton, for 25 supported housing units. Inland is also in discussions with the local authority with regard to selling this site to a specialist housing association.
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; Commenting on the above projects underway, Inland Chief Executive, Stephen Wicks said:-
"The land purchases at Chelmsford and Grays in Essex increases our land holdings by a further 230 plots and strengthens our land bank to an all-time high of 2,065 plots.
"These latest acquisitions have been acquired at an extremely attractive cost and will provide not only a land trading margin but an enhanced development profit on the plots that Inland chooses to develop itself."
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Inland Homes plc
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Tel: 01494 762450
Nominated Adviser & Broker
Tel: 020 7220 0500
Fiona Tooley, Director
Tel: 07785 703523