Inland Homes PLC Major Partnership Contract (5037V)
April 09 2019 - 1:00AM
UK Regulatory
TIDMINL
RNS Number : 5037V
Inland Homes PLC
09 April 2019
9 April 2019
Inland Homes plc
Inland Homes agrees major partnership contract with leading
housing association
Inland Homes plc, the specialist brownfield land development and
housebuilder with a focus on the South and South East of England,
has exchanged contracts for the sale and related development
contract for its Merrielands Crescent site in Dagenham, East London
with Clarion Housing Group, the UK's largest Housing
Association.
The transaction is for a total land and build consideration of
GBP77.7 million, with the land being sold for GBP14.0 million
payable on completion. Inland Partnerships, the fast-growing
construction arm of the Group, will undertake the development phase
on behalf of Clarion, which is expected to take approximately three
years.
The development of this four-acre site will comprise 325
residential units across a number of five to ten storeys apartment
blocks, together with 1,514 sq. m of commercial space, 178 car
parking spaces and associated amenity area.
The Merrielands Crescent site is in the heart of a major East
London regeneration zone and is already leading to other potential
similar opportunities in the area.
This contract evidences the appeal of Inland's turnkey solution
for strategic partners and further strengthens the Group's existing
relationship with Clarion, for whom Inland is currently building
135 units in Alperton, West London. These partnership transactions
enable Inland to recognise land profits whilst also securing cash
positive construction contracts that provide a balance to open
market speculative housebuilding.
Inland now has a record forward order book of over GBP145
million in its Partnership housing division.
Inland currently has 1,455 homes under construction for private
sale and this latest partnership contract brings the total number
of homes being built for housing associations to over 800.
Stephen Wicks, CEO of Inland Homes commented:
"This is an important transaction for Inland and a significant
build contract for our fast-growing Partnerships business.
"This contract further evidences our high-quality land holdings
and demand for our turnkey proposition as we complete our
transition from a business that was predominantly focused on land
trading to a business predicated on delivering our stated
medium-term target of 1,000 homes per annum."
Enquiries:
Inland Homes plc: Tel: +44 (0) 1494 762450
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Gary Skinner, Managing Director
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
Dominic Morley
Erik Anderson
Instinctif Partners Tel: +44 (0) 20 7 457 2020
Mark Garraway
James Gray
Notes to Editors:
Incorporated in the UK in 2005, Inland Homes plc is an AIM
listed specialist housebuilder and brownfield developer, dedicated
to achieving excellence in sustainability and design.
Inland Homes acquires 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 open market and affordable
homes or selling surplus consented land to other developers to
generate cash.
The Company is committed to extensive public and community
consultation in order to ensure that, where possible, local
community needs and objectives are met.
Inland's aim is to create sustainable communities and homes
which set a benchmark for all future developments in the South and
South East of England. The Company is always looking for brownfield
sites without planning permission for future development.
For further information, please visit the Inland Homes website
at www.inlandhomes.co.uk.
Hugg Homes - www.hugghomes.co.uk
Rosewood Housing - www.rosewoodhousing.co.uk
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END
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