17th Jun 2014 08:50
LONDON (Alliance News) - Inland Homes PLC Tuesday said it has acquired two sites - in Acton, West London and High Wycombe, Buckinghamshire - and entered into options over a further two sites in Frating and Boreham, both in Essex, for a combined gross development value of GBP73 million.
Inland Homes also said Tuesday it has obtained planning consent for a total of 101 units across five existing sites and that 48 residential plots have been sold at Drayton Garden Village for GBP7.6 million.
The housebuilder and brownfield land developer said it has acquired the one-acre site in Acton from French building materials firm Saint-Gobain SA for an undisclosed fee.
Inland Homes said a planning application for a 100 unit apartment-led residential scheme is expected to be submitted by autumn this year for the West London site. The development is income producing with a commercial tenant on site with nine months left on its lease, producing rental income of GBP22,000 to Inland.
Inland Homes said it will seek to redevelop the office building in High Wycombe for residential use and believes it could deliver 50 residential units. The firm did not name the seller of the site.
The firm said the High Wycombe site is a strategically important, providing the opportunity to assemble adjacent land to deliver up to a further 500 new homes. A tenant is in place until 2017, paying annual rent of GBP77,000, which increases Inland's total annual rental income from its commercial property portfolio to approximately GBP610,000.
Inland Homes said it intends to seek planning permission for up to 50 residential units at the 6.5 acre site in Frating and for 28 residential units at the 2.3 acre site in Boreham, on both of which it has taken an option.
Meanhile, Inland said it has received planning consent for a total of 101 units at five sites at Bushey, Hertfordshire, Chelmsford, Essex, High Wycombe, Buckinghamshire, Farnborough, Hampshire and on behalf of Drayton Garden Village Ltd, in which it has a share.
Inland Homes shares were quoted up 0.8% at 46.35 pence Tuesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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