TIDMINL
RNS Number : 8713C
Inland Homes PLC
14 October 2022
14 October 2022
Inland Homes plc
('Inland Homes' or the 'Group')
Major Planning Application Approval
Inland Homes plc (AIM: INL), the housebuilder, partnership
housing developer and regeneration specialist focused on the South
and South East of England, is delighted to announce that its asset
management division has received, on behalf of the third-party
project investor, a resolution to grant planning permission at
Cavalry Barracks in West Hounslow for a mixed-use development
comprising 1,525 homes and approximately 2,700sqm of commercial
space.
The Cavalry Barracks was the Group's fifth transaction with the
Ministry of Defence and its largest to date, with an estimated
gross development value in the region of GBP600m. The Group
identified this site in 2020 and, following close consultation with
the London Borough of Hounslow, submitted the planning application
in March 2021. Under the asset management model, in return for its
land and planning expertise and the management of the project, the
Group has, to date, accrued fees at achieved project milestones of
GBP19.5m .
The Group continues to act on behalf of the project investors to
finalise the terms of the Section 106 agreement which is expected
to be signed within the next few months and then support the
investor through the site disposal plan, which will crystallise the
value and facilitate the payment of the fees earned by the
Group.
The former Ministry of Defence site is one of the largest
remaining undeveloped brownfield sites in London at 36.7 acres and
with excellent public transport links to nearby Heathrow Airport
and central London, the site location is strategically important.
The sympathetic redevelopment of the Cavalry Barracks will support
the London Borough of Hounslow in serving the demand for and
delivering much-needed, additional, low-cost housing and the
ongoing regeneration of the area. As part of the approved plans, 14
Grade II listed and 9 locally listed buildings will be retained and
10.6 acres of open space provided. The commercial space will
support a variety of uses including shops, cafes, workspace and
community uses to foster a vibrant community.
Nish Malde, Interim Chief Executive Officer at Inland Homes,
commented:
"The historical significance, location and scale of the Cavalry
Barracks make this an exceptional brownfield site and we are
delighted to have worked with the London Borough of Hounslow to
have secured a resolution to grant planning permission on behalf of
the project's investor.
"We look forward to finalising the terms of the Section 106 as
quickly as possible so that the next phase of the Cavalry Barracks'
story can begin."
Enquiries
Inland Homes plc: Tel: 44 (0)1494 762450
Nishith Malde, Interim Chief Executive Officer
Panmure Gordon (UK) Limited Tel: 44 (0)20 7886 2500
Dominic Morley / James Sinclair-Ford (Corporate Advisory)
Erik Anderson (Corporate Broking)
The information contained in this Announcement is deemed by the
Group to constitute inside information as stipulated under the
Market Abuse Regulations (Regulation 596/2014), as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
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 Group 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 Group is always looking for brownfield
sites without planning permission for future development.
Environmental, Social and Governance credentials
Inland Homes is committed to ensuring its land, housebuilding
and partnership housing activities leave a positive lasting legacy.
As specialists in brownfield site regeneration the Group already
has a proud history of adding lasting value through its expertise
and experience in site remediation, which allows derelict and near
derelict land to be regenerated and used for the construction of
new homes.
Inland Homes takes its position as an industry leader extremely
seriously and has developed its Environmental, Social and
Governance (ESG) framework against the broader backdrop of an
escalating global climate issue. The Group's ESG framework, which
has been aligned to four of the UN Sustainable Development Goals,
sets out our high-level commitments. Using this framework, we are
now focused on developing a full ESG strategy. The strategy will
identify clear goals and metrics to enable us to measure and report
on our performance and success in this space.
For further information, please visit the Inland Homes website
at: www.inlandhomesplc.com
Hugg Homes - www.hugghomes.co.uk
Rosewood Housing - www.rosewoodhousing.co.uk
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