Further to the trading update dated the 19th December Inland is pleased to announce the following:
A contract has been exchanged unconditionally for the sale of a small site in Middlesex in the sum of £730,000 being 2.6% below its carrying value as at the last year end. Completion is due in two weeks.
Following the announcement on 19th December 2008 of Inland's involvement in a substantial site in West London, contracts have now been completed by our joint venture partners for the purchase of this site, known as RAF West Drayton, Middlesex.
This site is approximately 32 acres and is one of the largest remaining brownfield sites within the M25 situated within a mile of Heathrow Airport. The land has the benefit of an adopted planning brief indicating the acceptability of development for a residentially led mixed use scheme of approximately 1000 homes and employment space.
Inland has entered into an agreement to promote and manage the master planning/development of the site in return for a minimum 35% of the net profit of the project.
Stephen Wicks CEO commented:
"We are delighted to have achieved the first of a number of small land sales we now have agreed in principle, whilst market conditions are very difficult, there is a limited number of well financed buyers still in the market place who are interested in some of our prime sites.
Our participation in a large scale project like RAF West Drayton where we have the opportunity for a substantial profit share with a limited financial exposure to Inland is an exciting prospect for us.
We are in discussions with a number of potential financial partners to enable us to pursue a similar structure on other large scale projects."
Stephen Wicks, Chief Executive Tel: 01923 713 600
Nishith Malde, Finance Director Tel: 01923 713 600
KBC Peel Hunt Ltd, Nominated Adviser & Broker
Julian Blunt Tel: 0207 418 8900
Nicholas Marren Tel: 0207 418 8900