Inland Homes PLC Inland Homes agrees JV for Basildon development (0343P)
14 November 2016 - 6:00PM
UK Regulatory
TIDMINL
RNS Number : 0343P
Inland Homes PLC
14 November 2016
14 November 2016
Inland Homes plc
("Inland Homes" or the "Company")
Inland Homes Agrees Joint Venture For Basildon Development
Inland Homes plc (AIM: INL), the leading brownfield regeneration
specialist and housebuilder, with a focus on the South East of
England and outer London, is pleased to announce that it has
entered into a joint venture with Anderson Group ("Anderson") to
develop 43 new homes on a three-acre site at Gardiners Close,
Basildon, Essex. The site was sourced by Anderson Group, who is
already acting as groundwork and civil engineers on three existing
sites being developed by Inland Homes in Essex.
This is the first phase of what is anticipated to be a much
larger development at the Gardiners Lane regeneration area, where
there is scope for the development of circa 800 homes. Inland Homes
has already submitted a planning application for a further 89 plots
and controls several properties across the wider land area.
Both parties have contributed an initial GBP1.44 million in
equity to the project, which has an estimated GDV of approximately
GBP13 million.
Anderson, via its Constable Homes subsidiary, will be carrying
out the construction of the homes, with Inland Homes responsible
for the sales and marketing of the units. Groundwork is expected to
begin this week.
Gardiners Close is situated within Gardiners Lane South, a
strategic site within Thames Gateway South Essex, the Government's
priority area for economic regeneration. Just a 33-minute train
journey from London's Fenchurch Street Station it also offers good
road links, with the City of London accessible via the A127 and
A13.
Stephen Wicks, Inland Homes CEO, commented:
"We are pleased to have completed this joint venture agreement
with Anderson Group, a highly regarded contractor with an
established track record of delivering quality projects and whose
expertise has already assisted us in delivering several housing
schemes in the area.
"We are hopeful that this is just the first phase of a much
larger scheme at the Gardiners Lane regeneration area in Basildon,
Essex and are delighted to have secured another prime South-East
site, as we continue to grow our housebuilding programme."
Ends
Enquiries:
Inland Homes plc: Tel: +44 (0) 1494 762450
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Paul Brett, Land Director
Stifel Nicolaus Europe Limited Tel: +44 (0) 20 7710
(Nominated Adviser): 7600
David Arch
Mark Young
FTI Consulting: Tel: +44 (0)20 3727
1000
Dido Laurimore
Claire Turvey
Polly Warrack
This information is provided by RNS
The company news service from the London Stock Exchange
END
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