For immediate release
11 December 2009
Inland which specialises in buying brownfield sites and enhances their value by obtaining planning permission, is pleased to announce a number of additional land and development updates following the announcement of the Group's preliminary results on 9 October 2009.
Inland is pleased to confirm the completion of the sale of its site in Horsham, West Sussex for approximately £900,000. In addition the Group has sold an existing property in Watford and a small brownfield plot in Mill Hill for a total sum of approximately £900,000. These disposals achieved free cash of £1 million after repayment of the associated debt of £800,000 and a profit of £210,000. Inland secured planning consent for 6 houses on the site in Horsham and 4 houses on the land to the rear of the existing property in Watford.
The Group has also completed its first development of 14 apartments on High Road in Byfleet in October 2009 when it was launched for sale and has secured completion on two apartments with a third apartment reserved, at prices in line with internal budgets.
The Group has recently marketed one of its smaller sites and has received a number of offers significantly in excess of its book value from a mixture of volume house builders and small property developers.
Inland is also pleased to announce that the Group's revolving credit facility of £10 million with its bankers, Royal Bank of Scotland has received credit approval for an extension of three months on broadly similar terms. A detailed proposal was presented to the bank some time ago, however due to the current difficult banking climate, the bank requires further time to present a structured longer term proposal for credit approval and hence both parties agreed that an extension would provide sufficient time to agree a mutually acceptable longer term facility. Discussions are already underway with the bank for a structured longer term proposal and the Board sees no reason why such a facility will not be put in place during the period of the extension. The current net amount drawn against the facility is £8.1 million.
For further information please contact:
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Tel: 01494 762 450
Jeremy Garcia / Christian Goodbody
Tel: 020 7466 5000
KBC Peel Hunt Ltd
Tel: 020 7418 8900