22nd May 2014 13:35
LONDON (Alliance News) - Inland Homes PLC Thursday said it has exchanged contracts to acquire a site in Southampton, and has entered into options for two other sites, which it said have a combined potential development value of GBP115 million.
The specialist housebuilder and brownfield land developer said it has exchanged contracts to purchase a site at Southampton in Hampshire from West Register, which is part of The Royal Bank of Scotland Group PLC, and entered into options over two sites in Little Chalfont and Holmer Green in Buckinghamshire. It said the sites have the potential for 620 plots.
Inland Homes said it plans to create a residentially led development at the Southampton site, comprising up to 350 residential units along with commercial space. It said it plans to have a planning application submitted in the second half of the year. It said it has agreed to pay for the site in phases, with an initial payment of approximately 7.5% of the total agreed consideration.
Inland Homes said it also intends to seek planning permission for up to 200 residential units at the Little Chalfont site, and up to 90 residential units on the nine acre site at Holmer Green.
"Our land bank stands at a record high, with continuing strong demand from national housebuilders for land with planning consent, while we continue to accelerate our own housebuilding activities in order to maximise the value of our land at a time when conditions in the housing market remain favourable," said Chief Executive Stephen Wicks in a statement.
Shares in Inland Homes were up 2.4% at 46.10 pence Thursday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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