Specialist housebuilder, Inland Homes announced the completion of two land sales, the former Telephone Exchange in Staines and Phase 3 Gardiners Park Village in Basildon, on Wednesday.
The proceeds generated from the sale of both the Telephone Exchange and Phase 3 Gardiners Park Village will be used towards reducing Inland Homes’ net debt which is a priority for the company.
Telephone Exchange, Staines
A private housebuilder has bought the former Telephone Exchange on Elmsleigh Road in Staines.
In January 2022, Inland Homes received approval for 206 houses on the site.
The Staines scheme, with a gross development value of £65m, is part of Inland Homes’ asset management business, which discovers sites on behalf of investors and secures planning consent using its substantial land and planning experience.
This is a high-growth division of the group that generates significant service revenues with minimal investment and capital expenditure.
Phase 3 Gardiners Park Village, Basildon
Phase 3 of Gardiners Park Village in Basildon, which has 74 units and a gross domestic value of £27.5m has been sold to a private housebuilder.
In October 2021, the group received approval for a residential-led, mixed-use design at Gardiners Park Village with up to 700 houses and 25,000 sqm of commercial space.
Homes England, the government organisation entrusted with expediting housing delivery, is executing the plan through a public-private partnership strategy. Homes England, which owns a majority stake in the site, inked a development agreement with the group in 2020, and it (Homes England) will acquire the land in five phases.
Inland Homes will deliver new and enhanced services and infrastructure within the site as the masterplan developer, including renovating highways and moving sports facilities.
“We are delighted to have achieved these two land sales following receipt of planning consent,” said Stephan Wicks, CEO, Inland Homes.
“Demand for our quality land assets remains strong, with Inland owning and managing a land portfolio which is attractive to private housebuilders, affordable housing providers and build to rent operators.
“In line with our strategy, we will seek to maximise value from our land bank, with the fees and funds generated being used to further reduce the group’s net debt.”
Inland Homes shares lost 8% to 40.5p despite the announcement of completing two land sales.