For immediate release
5 October 2010
Inland PLC ("Inland" or the "Company")
Inland receives planning consent for Drayton Garden Village
Inland, which specialises in buying brownfield sites and enhances their value by obtaining planning permission, is pleased to announce that one of its most valuable development projects, RAF West Drayton, has now received planning permission for the construction of 773 homes and over 55,000 sq ft of commercial development space.
Inland had already received a resolution to grant planning consent subject to a legal agreement from the London Borough of Hillingdon which was ratified by the Greater London Council. The legal agreement has now been executed, releasing the planning consent which unlocks substantial development value for the site.
During the last three months Inland has undertaken significant work at Drayton Garden Village and negotiations are at an advanced stage for the sale of 59 plots with additional sales expected to follow thereafter.
Stephen Wicks, Chief Executive of Inland commented:
"We are delighted to be able to announce the receipt of the planning permission for West Drayton which should act as a catalyst for releasing significant development value over the coming months. Our progress on one of the most significant brownfield regeneration projects in our portfolio is testament to our skill and commitment which should unlock significant value for shareholders.
"Our business model has always been about unlocking the hidden potential in brownfield land opportunities and the strong interest from local and national house builders in West Drayton is an excellent example of this working."
Stephen Wicks, Chief Executive Tel: 01494 762450
Nishith Malde, Finance Director Tel: 01494 762450
FinnCap Nominated Adviser & Broker
Matthew Robinson / Henrik Persson (Corporate Finance) Tel: 020 7600 1658
Jeremy Garcia / Christian Goodbody Tel: 020 7466 5000