3rd May 2022 10:47
(Alliance News) - Real estate development company Inland Homes PLC on Tuesday said it has sold part of its Wilton Park site for GBP19.1 million to care home and retirement living operator Beechcroft Developments.
The conditional sale is in line with the group's primary key strategic objective of maximising the value within its existing land portfolio to deliver a reduction in net debt.
The sale is conditional upon planning permission being obtained. Planning application will be submitted by both parties over the coming months.
"The group retains ownership of the remaining 120 plots with outline planning approval," Inland Homes said.
The estimated value of the properties at the site which are still owned by the company is GBP90 million, Inland explained.
The company added: "The 100-acre flagship site already benefits from planning approval for 304 new homes together with 46 retained homes, for which the group achieved outline planning consent in 2019. The group has subsequently achieved reserved matters approval for the first two phases within the site and sold 184 plots to private housebuilder, Bewley Homes."
Inland Homes Chief Executive Stephen Wicks commented: "The group's high-quality land assets continue to remain in strong demand, as reflected by the conditional phase sale of part of Wilton Park, Beaconsfield. We continue focusing on positive cash generation, while making further reductions in net debt, our key strategic priority, as well as generating cash to reinvest in our extensive operations.
"We look forward to working with the operator on the planning in the coming months."
Shares in Inland Homes were up 1.4% at 43.60 pence on Tuesday morning in London.
By Xindi Wei; [email protected]
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