RNS Number : 6493N
Inland Homes PLC
01 October 2021
1 October 2021
Inland Homes plc
("Inland Homes", "Group" or "Company")
Land and build sale to leading housing association at the former
Inland Homes, the brownfield developer and housebuilder focused
on building residentially led developments for direct sale or on
behalf of partner organisations, today announces the sale, on
behalf of the project investors, of 228 plots at the former
Homebase site in Walthamstow to the leading housing association
Newlon Build Ltd. The sale is for a total consideration of GBP22.5m
and generates fees of GBP1.2m for Inland Homes.
The Group has separately secured a build contract for Inland
Partnerships to construct the 228 homes, adding GBP42.4m to the
Group's forward order book for partnership housing and bringing the
total number of homes under construction on behalf of third parties
The Group acted on behalf of external investors in the land
sale. As one of the Group's asset management projects, the project
has been funded externally, with the investors benefitting from
Inland Homes' expertise and experience in identifying and securing
attractive, viable sites and achieving planning consent on these.
The capital light nature of this funding model, together with the
management fees earned at various milestones of the project, enable
the Group to generate attractive and significant returns.
Contracts have been exchanged and completed for 72 of the 228
residential plots. Contracts for the remaining 156 plots have been
exchanged and will complete in early 2022.
The Group is also pleased to announce that contracts have been
completed by the project investors for the sale of 173 plots within
the same development to London BTR Investment Holdings. This
follows the exchange of contracts with the Build to Rent operator
for 355 homes in June 2021, for a total consideration of GBP27.5m.
Completion of the sale of the remaining 182 plots is expected by
September 2022. As previously announced, Inland Partnerships is
constructing these 355 private homes in what is its largest
partnership housing contract secured to-date at GBP88.9m.
Planning consent was achieved for the 583 homes at Walthamstow
in April 2021. Following site demolition and preparation works,
construction began in September 2021 and build completion is
scheduled for 2025. The project is one of six currently within the
Group's asset management division which together have the potential
for more than 3,275 new homes.
Chief Executive Stephen Wicks commented:
"The sale of 228 plots at Walthamstow to a leading housing
association, together with the build contract for Inland
Partnerships to deliver these homes, further endorses the Inland
Homes business model.
Inland is once again demonstrating its ability to add value at
all stages of a project: from identifying the right site and
obtaining planning permission on behalf of investors to having the
expertise needed to deliver homes on behalf of one of the country's
leading housing associations.
Transactions like these are helping Inland to deliver against
its key strategic priorities: reducing our net debt, maximising the
value of our land bank, growing the capital light asset management
business and delivering homes which meet the market's needs in the
most cost-effective way.
We look forward to working with both Newlon and London BTR
Investment Holdings to deliver this exciting inner-city
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
Instinctif Partners Tel: +44 (0)20 7457 2020
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
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
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
Hugg Homes - www.hugghomes.co.uk
Rosewood Housing - www.rosewoodhousing.co.uk
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(END) Dow Jones Newswires
October 01, 2021 02:00 ET (06:00 GMT)
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