15th Jun 2016 06:59
LONDON (Alliance News) - Inland Homes PLC on Wednesday said it has sold two of its land sites for GBP18.1 million, which reflects a total profit on sale of GBP9.0 million based on the combined book value of the land, and said its average sales price has increased since December.
The brownfield regeneration specialist and housebuilder said the two sites together comprise of 157 plots of land, and both are located in London and the South East of England.
Inland Homes said the first of the two sites was in Acton, West London and comprised of 1.05 acres. This site was sold to an unnamed "major listed housebuilder", the company added.
Inland Homes said it purchased the site from Jewson Ltd in June 2014 and, since, secured a resolution to grant consent for 95 apartment within 17 months of the acquisition date.
The second of the sites was located in Farnborough, Hampshire, at the former site of the Ham and Blackbird pub, Inland Homes said, and comprises of 0.6 acres. This was sold to an unnamed small regional housebuilder, and has permission for 62 apartments on appeal.
Elsewhere in the business, Inland Homes said its forward sales of private homes, either reserved or contracted for sale, total GBP28.1 million. This reflects an average house price of GBP355,000 compared to an average selling price of GBP325,000 as at December 31. Inland Homes said the pipeline of demand demonstrates the strong interest in its affordable offering.
"These two transactions are the latest examples of our ability to identify keen opportunities in areas where there is growing demand for housing, creating significant value by successfully steering them through the planning process, whilst simultaneously generating income through flexible and active asset management. The appetite amongst our housebuilder customers for our well-located consented land means we have been able to undertake these disposals at an attractive margin," said Chief Executive Stephen Wicks.
By Hannah Boland; [email protected]; @Hannaheboland
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