LONDON (Alliance News) – Brownfield regeneration specialist and housebuilder Inland Homes PLC said on Monday it has sold its 50% interest in its joint venture with real estate investment firm Europa Capital LLP for GBP11.0 million.
Inland Homes has sold its 50% stake in greenfield site Aston Clinton, Aylesbury, along with its partner Europa for a total sum of GBP22.0 million, with Inland taking its share of GBP11.0 million.
The sale follows Inland recently achieving a resolution to grant planning consent for 400 residential units and 105,000 square feet of retail, leisure, and development space on the greenfield site.
The company is expecting to enter an agreement with the unnamed purchasers to manage the development on behalf of the purchasers and acquire construction contracts to build out the development.
Separately, Inland Homes has secured a 13.1 acre site in Cressing, Essex, which includes facilities for commercial and industrial uses. In the Braintree District Council’s Local Plan, the site is capable of providing up to 70 new homes.
“To have agreed the sale of our joint venture site in Aston Clinton so quickly after we secured planning permission for the development for 400 homes on site is a strong endorsement not only of Inland’s broader business strategy, but also of the team’s expertise in stock selection and navigating the planning system. Further to this, we have realized the sale at a price that means our share of the proceeds is GBP500,000 above the EPRA valuation attributed to this site at December 31, 2016” said Land Director Paul Brett.
“To this end, we have secured an option agreement on a 13.1 acre site in Cressing, Essex and will immediately set about realising the sites’ potential by engaging with the key stakeholders. The addition of this site brings our strategic land bank total to 405 acres with the potential for up to 2,170 units,” Brett added.
Shares in Inland Homes were down 0.3% at 60.10 pence on Monday.
By Dayo Laniyan; [email protected]
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