Inland Homes PLC Acquisition (8889K)
December 19 2018 - 1:00AM
UK Regulatory
TIDMINL
RNS Number : 8889K
Inland Homes PLC
19 December 2018
19 December 2018
Inland Homes plc
(the 'Company' or the 'Group')
Acquisition of East London residential development site with
planning consent for 325 homes
Inland Homes plc (AIM: INL), a leading housebuilder, Partnership
Housing developer and regeneration specialist, announces that it
has exchanged contracts to acquire a major development site in
Dagenham, East London, which has an anticipated gross development
value of circa GBP95 million.
The four acre brownfield site, which was previously part of the
former Ford manufacturing plant, lies within the London Riverside
Opportunity Area, a 3,000 hectare major regeneration zone
designated in the London Plan to deliver up to 26,500 homes and
create 16,000 jobs across the boroughs of Barking and Dagenham.
The site has existing planning consent for 325 homes and 1,600
sqm of commercial space. Inland Homes is in negotiations to deliver
the homes in a joint venture with a top five housing association,
with 116 homes intended as affordable housing and the remaining 209
units sold on the open market.
Completion of the purchase of the site is expected in March
2019, with construction of the first units due to commence in the
summer.
Stephen Wicks, CEO of Inland Homes, commented:
"This is a significant acquisition for Inland Homes of a prime
development opportunity in East London. Dagenham has some of the
most affordable house prices out of all the London boroughs and
this site will increase the provision of good quality,
competitively priced homes, in an area benefitting from fast
connectivity into Central London.
"The opportunity fits in well with our strategy of providing
lower cost homes in areas of high demand. At the same time the
proposed joint venture with a major housing association will
provide Inland Partnerships with a significant new build contract
opportunity, adding to our existing forward order book of nearly
GBP100 million."
Enquiries:
Inland Homes plc Tel: 44 (0) 1494
Stephen Wicks, Chief Executive 762450
Nishith Malde, Finance Director
Panmure Gordon (UK) Limited (Nominated Adviser, Tel: 44 (0) 20
Financial Adviser and Broker): 7886 2500
Dominic Morley
Erik Anderson
FTI Consulting: Tel: 44 (0)20 3727
1000
Dido Laurimore
Claire Turvey
Richard Gotla
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END
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