Inland increases land holdings by 230 plots
By BFN News | 07:42 AM | Wednesday 04 April, 2012
brownfield regeneration specialist Inland Homes has increased its land holdings by a further 230 plots after purchases at Chelmsford and Grays in Essex.
The company has paid £2.0m after completing the purchase of the southern part of the St John's Hospital in Chelmsford while the balance of the £9m is subject to deferred terms agreed with the vendor.
Inland expects to achieve in excess of 100 homes on the southern section with the majority being detached houses backing on to Chelmsford Golf Course.
This 6.5-acre site will be developed at a lower density than the northern part of the hospital acquired by Inland in January.
The company has also acquired a six-acre site in Grays for £1.3m.
This land has planning permission for 130 units and the company intends to sell part of the land to other house builders and develop certain areas itself in the future.
Inland also said it had obtained planning permission on the Swan Public House site in West Drayton, for 25 supported housing units.
Inland is in discussions with the local authority with regard to selling this site to a specialist housing association.
Chief executive Stephen Wicks said: "The land purchases at Chelmsford and Grays in Essex increases our land holdings by a further 230 plots and strengthens our land bank to an all-time high of 2,065 plots.
"These latest acquisitions have been acquired at an extremely attractive cost and will provide not only a land trading margin but an enhanced development profit on the plots that Inland chooses to develop itself."
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