For immediate release 9 August 2012
Inland Homes plc
Inland completes on Hampshire land sale
for £3.135 million
Inland Homes plc ('Inland' or the 'Company') is pleased to confirm that it has completed the sale of 44 plots at its Queensgate, Farnborough, Hampshire site for a consideration of £3.135m. The land disposed comprises of 18 housing plots, 21 apartment plots and 5 affordable housing plots.
Stephen Wicks, Chief Executive at Inland commented:
"The Board has been very encouraged by this sale as it provides momentum to the Group's development plans for this site.
In addition, the Farnborough project is a solid example of how Inland's strategic focus on developing former large scale brownfield sites is helping to maximise the potential for our land portfolio and generate cashflow that is providing a base to fund and support existing and future opportunities of which we have a healthy pipeline."
Following the Company's announcement on 27 July 2012, the S106 agreement has been executed thus releasing the improved planning consent at Queensgate, Farnborough where Inland now has 213 consented plots.
Inland Homes plc
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Tel: 01494 762450
Nominated Adviser & Broker
Corporate Finance: Matthew Robinson
or Rose Herbert
Corporate Broking: Simon Starr
Tel: 020 7220 0500
IR & media relations
Fiona Tooley, Director
Tel: 07785 703523
Graeme Cull, Consultant
Tel: 0121 309 0099
AIM: Ticker: INL
Inland Homes plc strategy is to identify brownfield land in the South East of England where it considers it to hold excellent potential for residential and mixed use development including commercial space. The Company then seeks to enhance its land value by obtaining planning permission before selling consented land onto developers. It also develops some of its plots for private sale.