Inland Homes PLC Update on sale agreement for West Cliff Road (6928W)

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RNS Number : 6928W

Inland Homes PLC

23 April 2019

23 April 2019

Inland Homes plc ("Inland Homes" or the "Company")

Update on sale agreement for West Cliff Road (formerly Wessex Hotel), Bournemouth

Inland Homes plc, the specialist brownfield land development and housebuilder with a focus on the South and South East of England, is pleased to provide an update on its site at West Cliff Road (formerly Wessex Hotel), Bournemouth.

On 25 June 2018 Inland Homes announced that it had signed a pre-let with Premier Inn for a 25-year lease, with a starting rent of GBP588,000 per annum for West Cliff Road. The site is currently under construction for 88 apartments and a 105-bed hotel. On 27 November 2018 the Company announced that it had signed a conditional forward sale of the site to Aviva Investors for GBP13.3 million. Inland Homes is now pleased to announce that the conditions to the agreement have now been satisfied and therefore, on completion of the hotel (estimated December 2020), Inland will receive GBP13.266m for the freehold interest.

Inland Homes is also pleased to advise that it is moving to a purpose-built headquarters of 10,000 sq. ft at Burnham Yard, London end, Beaconsfield, Buckinghamshire HP92JH on 29(th) April 2019. This will be the Group's new registered office.

Stephen Wicks, CEO of Inland Homes, commented:

"We are delighted that the forward sale agreement with Aviva Investors is now unconditional, at a starting yield of 4.15%. This will generate an attractive capital sum for Inland on completion of the development which is significantly more than initially anticipated.

The move to Burnham yard will enable us to have significantly more space and will provide further room to continue the expansion of our operations in the future".

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Enquiries:

 
 Inland Homes plc:                 Tel: [phone] 
 Stephen Wicks, Chief Executive 
 Nishith Malde, Finance Director 
 Gary Skinner, Managing Director 
 
 Panmure Gordon (UK) Limited       Tel: [phone] 
 Dominic Morley 
  Erik Anderson 
 
 Instinctif Partners               Tel: [phone] 
 Mark Garraway 
  James Gray 
 
 

Notes to Editors:

Incorporated in the UK in 2005, Inland Homes plc is an AIM listed specialist housebuilder and brownfield developer, dedicated to achieving excellence in sustainability and design.

Inland Homes acquires brownfield land in the South and South-East of England principally for residentially led development schemes. The business then enhances the land value by obtaining planning permission, before building open market and affordable homes or selling surplus consented land to other developers to generate cash.

The Company is committed to extensive public and community consultation in order to ensure that, where possible, local community needs and objectives are met.

Inland's aim is to create sustainable communities and homes which set a benchmark for all future developments in the South and South East of England. The Company is always looking for brownfield sites without planning permission for future development.

For further information, please visit the Inland Homes website at www.inlandhomes.co.uk.

Hugg Homes - www.hugghomes.co.uk

Rosewood Housing - www.rosewoodhousing.co.uk

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April 23, 2019 02:00 ET (06:00 GMT)