INLAND HOMES PLC
(INLAND OR THE COMPANY)
BROWNFIELD REGENERATION SPECIALISTS AND HOME BUILDERS
Inland identifies land in the South of England where it considers it to hold excellent potential for residential and mixed use development including commercial space.
It then seeks to enhance its land value by obtaining planning permission before selling consented land onto housebuilders. It also develops some of its own plots for private sale.
The Board of Inland Homes plc wishes to provide the following update on its activities ahead of its AGM on 27th November 2012.
Ashford Hospital, Middlesex
The Company is pleased to advise that a conditional Development Agreement has been signed with one of the top three UK housebuilders for the development of the site at Ashford Hospital, Middlesex. The site has detailed planning consent for 152 apartments where Inland has successfully negotiated a nil requirement for affordable housing.
Under the Development Agreement, Inland is providing the consented land into the venture whilst the housebuilder will fund and carry out the construction and manage the sales of the completed units. Works are expected to commence shortly.
Inland has agreed the sale of 20 shared ownership plots to a registered provider and is at an advanced stage with this transaction.
St John's Hospital, Chelmsford
Inland has completed a profitable transaction with one of the national housebuilders in respect of the northern part of this site where we have obtained detailed planning consent for 127 residential units.
The Swan Public House, West Drayton
Inland secured a consent for 25 assisted living flats on the land. An unconditional contract has now been exchanged for the sale of this site to a major Housing Association for £1.25 million. Howarth Homes, our associate Company has secured the building contract for this project for the sum of £2.1 million.
Station Yard, Exeter
The sale of this small "non core" site has been completed in the sum of £225,000.
Including the Development Agreement referred to above, Inland has interests in the following developments under construction:
Warwick Gardens, Redhill
Drayton Garden Village
The total estimated gross development value in respect of these projects is £57 million.
Since the sales launch at Warwick Gardens, Redhill in September 2012, the Group has secured 5 reservations at prices above those originally budgeted.
The Group is also pleased to report that it has drawn down £1.0 million from a development loan facility of £2.5 million from Barclays Bank. This is to provide finance for construction at Redhill and we expect to agree further funding from Barclays in due course.
Inland also has housebuilding loan facilities in place with Close Brothers and the HCA to fund the Queensgate development.
The Group is exploring a number of longer term funding possibilities to finance some exciting new land opportunities which it is currently evaluating.
Stephen Wicks, Chief Executive commented:
"Inland is now making significant progress in its key operating areas with an increasing number of transactions concluding or close to doing so. I am particularly pleased that the Ashford Development Agreement has been signed after many months of negotiations. We believe that agreements such as this can enhance the returns from our land bank and we are looking at how we might develop this concept further.
The funding secured from Barclays is a significant step forward and represents a welcome return to mainstream funding for the Group".
Inland Homes plc
Stephen Wicks, Chief Executive
Nishith Malde, Company Secretary
Paul Brett, Land Director
Tel: 44 (0) 1494 762450
Ticker: LSE: AIM: INL
Nominated Adviser & Broker
Corporate Finance: Matthew Robinson or Rose Herbert
Corporate Broking: Simon Starr
Tel: 44 (0) 20 7220 0500
IR & media relations consultants
Fiona Tooley, Director
Tel: 44 (0) 7785 703523
Graeme Cull, Consultant
Tel: 44 (0) 121 309 0099