RNS Number : 1626D
Inland Homes PLC
26 March 2014
 



26 March 2014

Inland Homes PLC

 

('Inland Homes' or the 'Group')

 

Payment of outstanding deferred consideration for Drayton Garden Village

 

Inland Homes, the specialist housebuilder and brownfield land developer, today announces that Drayton Garden Village Limited ('DGVL') has paid the final outstanding deferred consideration of £4.73 million due to The Ministry of Defence in relation to its purchase of Drayton Garden Village ('DGV').

 

As a result of the final payment being made, Inland Homes' share of profit for the provision of development services provided by the Group to DGVL has increased to the maximum limit of 90 per cent.

 

Inland Homes' Board of Directors anticipates that, from 1 January 2014, the Group's share of future profits from DGV should be approximately £5.4 million, net of tax, which is equivalent to 2.66p per ordinary share.

 

During the Group's current financial year, DGVL has completed the sale of 31 residential units, which it developed for open market sale, for a total consideration of £9.89m.  Total cash of £7.64m has also been received to date in respect of a contract for the sale of 107 residential units for £21.0m, which are under construction for the purchaser.  The letting of a 4,000 sq ft retail unit to Sainsbury's, under a 15 year lease for an annual rent of £64,000 is expected to become unconditional shortly.  DGVL is currently marketing the sale of 48 residential plots and expects to complete this sale by 30 June 2014.  Once this sale has been completed DGV will have 247 residential plots with planning consent which have yet to be developed.

 

ENDS

 

Enquiries:

www.inlandplc.com

AIM: Ticker: INL

Inland Homes plc

finnCap

Blytheweigh

Stephen Wicks, Chief Executive

Nominated Adviser & Broker

IR & Media Relations

Nishith Malde, Finance Director

Paul Brett, Land Director

 

Corporate Finance:

Matthew Robinson or

Simon Hicks

Paul Weigh: 07989 129658

Alex Shilov: 07989 394027

or

Tel: 44 (0) 1494 762450

Corporate Broking:

Simon Starr or Brian Patient

Tel: 44 (0)20 7138 3204

 

Tel: 44 (0) 20 7220 0500

 

 

Notes to Editors:

Inland Homes identifies brownfield land in the South and South-East of England principally for residentially led development schemes.  The business then enhances the land value by obtaining planning permission, before building houses for private sale or selling consented land onto other developers.

 

 


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