Inland Homes PLC Wilton Park Planning Consent & Cheshunt JV Partner (2008N)
23 September 2019 - 4:00PM
UK Regulatory
TIDMINL
RNS Number : 2008N
Inland Homes PLC
23 September 2019
23 September 2019
Inland Homes plc ("Inland Homes", "Group" or "Company")
Planning consent granted for Wilton Park and purchase of joint
venture partner at Cheshunt
Wilton Park
Inland Homes (AIM: INL) the leading brownfield developer,
housebuilder and partnership housing company with a focus on the
South and South East of England, has received planning consent for
its flagship site at Wilton Park in Beaconsfield, Buckinghamshire,
further to the signing of a s106 agreement. The consent follows
planning resolution for the site, as announced on 6 June 2019.
Wilton Park is the Group's flagship site, with an estimated
gross development value of GBP350 million. Described by Savills as
the best residential opportunity in southern England, Wilton Park
benefits from its close proximity to junction 2 of the M40 and to
Beaconsfield and Seer Green stations which provide access to London
Marylebone within 23 minutes.
The planning consent will enable the delivery of 350 homes as
well as commercial and community space within the 100-acre site. A
further part of the site is subject to a draft allocation for
development, which, if adopted, could provide up to an additional
250 homes and 200,000 sq ft of commercial space.
Cheshunt Lakeside
The Group has a Put and Call option arrangement with its joint
venture partner at Cheshunt Lakeside. Following deemed exercise of
the option on 22 September 2019, the Group will acquire its joint
venture partner's 50% interest in Cheshunt Lakeside Developments
Limited for GBP29.9m of which GBP10 million has already been paid.
The Group is finalising a facility to fund part of the balance of
the consideration with the remainder coming from the Group's
resources. The acquisition is due to be completed by 30 September
2019.
The Group's strategic landbank continues to grow significantly.
These sites are held on discount to market value options which are
only exercised when planning consent is obtained. We now hold 31
options on sites totalling 480 acres with the potential for
approximately 2,650 plots comprising approximately 2,300 houses and
350 flats.
In the last four weeks we have completed a sale of 60 plots in
Bedfordshire to Linden Homes and obtained a resolution to grant
planning consent for 78 plots on our strategic site in Cressing,
Essex.
A further two sites in Buckinghamshire totalling 15.5 acres have
now been allocated for 153 units. Two other sites in Berkshire and
Buckinghamshire totalling 18.0 acres have recently received draft
allocations for approximately 200 units.
Additionally, planning applications are imminently due to be
submitted on three sites where the Local Planning Authorities
cannot meet their housing supply for approximately 250 units across
34.5 acres.
Stephen Wicks, CEO of Inland Homes, commented:
"This is another significant step forward in the delivery of our
flagship site Wilton Park, and for the continued success of the
Group. Together with the recent consent at Cheshunt Lakeside, these
two sites provide over 1,650 consented plots for our land bank. The
acquisition of our joint venture partner at Cheshunt provides us
the opportunity to extract significant land and development profits
from this magnificent site.
Our land and planning team are doing an excellent job in
securing options on favourable terms and taking these sites through
the planning system.
Strategic land is now making a positive contribution to our
profitability. These sites will either be sold to other developers
or fed into our own growing housebuilding operations."
ENDS
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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