6 April 2022
Inland Homes plc
("Inland Homes", "Group" or "Company")
Two land sales
Inland Homes plc, the brownfield developer, housebuilder and regeneration specialist focused on the South and South East of England, today announces the completion of two land sales: at the former Telephone Exchange in Staines and Phase 3 Gardiners Park Village, Basildon.
The proceeds generated from the disposal of these assets will be used to drive a further reduction in the Group's net debt, a strategic priority for the business.
Telephone Exchange, Staines
The sale of the former Telephone Exchange on Elmsleigh Road in Staines is to a private housebuilder. The Group achieved planning consent for 206 homes on the site in January 2022.
The Staines scheme, which has an estimated gross development value (GDV) of £65m, is part of Inland Homes' asset management division in which the Group identifies sites on behalf of investors and uses its extensive land and planning expertise to secure planning approval on their behalf. This is a high-growth arm of the Group which generates substantial service revenues with significantly reduced investment and capital consumption.
Phase 3 Gardiners Park Village, Basildon
The sale of Phase 3 at Gardiners Park Village, Basildon, which comprises 74 units, is also to a private housebuilder and has an estimated GDV of £27.5m.
The Group achieved planning consent at Gardiners Park Village in October 2021 for a residentially led, mixed use scheme of up to 700 homes and 25,000sqm of commercial space.
The scheme is being delivered through a public/private partnership approach with Homes England, the government body charged with accelerating housing delivery. The Group signed a development agreement with Homes England, which has a majority interest in the site, in 2020 and Homes England will acquire the land in phases over a five-year period.
As the masterplan developer, Inland Homes will deliver new and upgraded infrastructure and services within the site, including upgrading highways and relocating sports facilities.
Stephen Wicks, CEO of Inland Homes, commented:
"We are delighted to have achieved these two land sales following receipt of planning consent.
"Demand for our quality land assets remains strong, with Inland owning and managing a land portfolio which is attractive to private housebuilders, affordable housing providers and build to rent operators.
"In line with our strategy, we will seek to maximise value from our land bank, with the fees and funds generated being used to further reduce the Group's net debt."
Inland Homes plc:
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Tel: 44 (0)1494 762450
Panmure Gordon (UK) Limited
Tel: 44 (0)20 7886 2500
Tel: 44 (0)20 7457 2020
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
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.
Environmental, Social and Governance credentials
Inland Homes is committed to ensuring its land, housebuilding and partnership housing activities leave a positive lasting legacy. As specialists in brownfield site regeneration the Group already has a proud history of adding lasting value through its expertise and experience in site remediation, which allows derelict and near derelict land to be regenerated and used for the construction of new homes.
Inland Homes takes its position as an industry leader extremely seriously and has developed its Environmental, Social and Governance (ESG) framework against the broader backdrop of an escalating global climate issue. The Group's ESG framework, which has been aligned to four of the UN Sustainable Development Goals, sets out our high-level commitments. Using this framework, we are now focused on developing a full ESG strategy. The strategy will identify clear goals and metrics to enable us to measure and report on our performance and success in this space.
For further information, please visit the Inland Homes website at: www.inlandhomesplc.com
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