23rd Sep 2013 08:46
LONDON (Alliance News) - Inland Homes PLC Monday said that it has exchanged unconditional contracts to buy two empty office buildings in Buckinghamshire.
The residential development company did not mention financial details, but said that it applied to the South Bucks Council, and now intends to convert the office buildings into new residential units in Station Road, Gerrards Cross, including 30 new apartments which it said will be available for private sale.
Inland Homes said that development work for the project is expected to commence in January 2014, and is in accordance with new government legislation brought in to encourage office to residential conversions.
"We have secured these buildings at an attractive price and made use of new legislation to convert the buildings without the need for planning permission, which should enable us to achieve a rapid return on our capital. The proposed new apartments will be priced at levels that will be attractive to both first time buyers as well as investors and we anticipate a fast sales rate," said Chief Executive, Stephen Wicks, in a statement.
Inland homes shares were trading at 40.10 pence per share, up 0.9% or 0.35 pence Monday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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