14 October 2022
Inland Homes plc
('Inland Homes' or the 'Group')
Major Planning Application Approval
Inland Homes plc (AIM: INL), the housebuilder, partnership housing developer and regeneration specialist focused on the South and South East of England, is delighted to announce that its asset management division has received, on behalf of the third-party project investor, a resolution to grant planning permission at Cavalry Barracks in West Hounslow for a mixed-use development comprising 1,525 homes and approximately 2,700sqm of commercial space.
The Cavalry Barracks was the Group's fifth transaction with the Ministry of Defence and its largest to date, with an estimated gross development value in the region of £600m. The Group identified this site in 2020 and, following close consultation with the London Borough of Hounslow, submitted the planning application in March 2021. Under the asset management model, in return for its land and planning expertise and the management of the project, the Group has, to date, accrued fees at achieved project milestones of £19.5m .
The Group continues to act on behalf of the project investors to finalise the terms of the Section 106 agreement which is expected to be signed within the next few months and then support the investor through the site disposal plan, which will crystallise the value and facilitate the payment of the fees earned by the Group.
The former Ministry of Defence site is one of the largest remaining undeveloped brownfield sites in London at 36.7 acres and with excellent public transport links to nearby Heathrow Airport and central London, the site location is strategically important. The sympathetic redevelopment of the Cavalry Barracks will support the London Borough of Hounslow in serving the demand for and delivering much-needed, additional, low-cost housing and the ongoing regeneration of the area. As part of the approved plans, 14 Grade II listed and 9 locally listed buildings will be retained and 10.6 acres of open space provided. The commercial space will support a variety of uses including shops, cafes, workspace and community uses to foster a vibrant community.
Nish Malde, Interim Chief Executive Officer at Inland Homes, commented:
"The historical significance, location and scale of the Cavalry Barracks make this an exceptional brownfield site and we are delighted to have worked with the London Borough of Hounslow to have secured a resolution to grant planning permission on behalf of the project's investor.
"We look forward to finalising the terms of the Section 106 as quickly as possible so that the next phase of the Cavalry Barracks' story can begin."
Inland Homes plc: Tel: 44 (0)1494 762450
Nishith Malde, Interim Chief Executive Officer
Panmure Gordon (UK) Limited Tel: 44 (0)20 7886 2500
Dominic Morley / James Sinclair-Ford (Corporate Advisory)
Erik Anderson (Corporate Broking)
The information contained in this Announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (Regulation 596/2014), as it forms part of 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 Group 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 Group 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
Hugg Homes - www.hugghomes.co.uk
Rosewood Housing - www.rosewoodhousing.co.uk