Inland Homes agrees JV for Basildon development

RNS Number : 0343P

Inland Homes PLC

14 November 2016

 

14 November 2016

Inland Homes plc

("Inland Homes" or the "Company")

Inland Homes Agrees Joint Venture For Basildon Development

Inland Homes plc (AIM: INL), the leading brownfield regeneration specialist and housebuilder, with a focus on the South East of England and outer London, is pleased to announce that it has entered into a joint venture with Anderson Group ("Anderson") to develop 43 new homes on a three-acre site at Gardiners Close, Basildon, Essex. The site was sourced by Anderson Group, who is already acting as groundwork and civil engineers on three existing sites being developed by Inland Homes in Essex.  

This is the first phase of what is anticipated to be a much larger development at the Gardiners Lane regeneration area, where there is scope for the development of circa 800 homes.  Inland Homes has already submitted a planning application for a further 89 plots and controls several properties across the wider land area.

Both parties have contributed an initial £1.44 million in equity to the project, which has an estimated GDV of approximately £13 million.

Anderson, via its Constable Homes subsidiary, will be carrying out the construction of the homes, with Inland Homes responsible for the sales and marketing of the units. Groundwork is expected to begin this week.

Gardiners Close is situated within Gardiners Lane South, a strategic site within Thames Gateway South Essex, the Government's priority area for economic regeneration.  Just a 33-minute train journey from London's Fenchurch Street Station it also offers good road links, with the City of London accessible via the A127 and A13.

Stephen Wicks, Inland Homes CEO, commented:

 "We are pleased to have completed this joint venture agreement with Anderson Group, a highly regarded contractor with an established track record of delivering quality projects and whose expertise has already assisted us in delivering several housing schemes in the area.

"We are hopeful that this is just the first phase of a much larger scheme at the Gardiners Lane regeneration area in Basildon, Essex and are delighted to have secured another prime South-East site, as we continue to grow our housebuilding programme."

Ends

Enquiries:

Inland Homes plc:	Tel: [phone]
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Paul Brett, Land Director
Stifel Nicolaus Europe Limited (Nominated Adviser):	Tel: [phone]
David Arch
Mark Young
FTI Consulting:	Tel: [phone]
Dido Laurimore
Claire Turvey Polly Warrack

 

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