Inland Homes posted an upbeat outlook in its annual report, stating that its housebuilding programme was at a record level.
Stephen Wicks, Chief Executive said, “As we head into the New Year, Inland Homes is well placed to achieve further significant growth in 2018, with the in-house construction team now well established and beginning to bear fruit. We have had an extremely productive period, culminating in a number of profitable land sales and a growing order book for Inland Partnerships, our new business principally dedicated to delivering residential units for housing associations and other residential landlords such as PRS funds or Local Authorities.
“Our housebuilding programme is at a record level, with over 500 homes currently under construction and a healthy pipeline of new development projects in place for the coming months, supporting our positive outlook.”
Land Sales
In December 2017 Inland Homes completed the sale of 146 plots in Birmingham to Crest Nicholson, following receipt of planning consent on this brownfield site. An additional contract has also been conditionally exchanged with Crest Nicholson for the sale of a further 87 plots on an adjoining piece of land.
A brownfield site, comprising 58 plots and permission for approximately 750 sqm of commercial space in Uxbridge, Middlesex has also been sold to a private investor. Inland Partnerships expects to carry out the construction works for the purchaser on this site.
The combined value of these disposals is £12.7 million.
Land Purchases
Inland Homes has exchanged an unconditional contract to purchase a 0.75 acre prime brownfield site in Maidenhead, Berkshire with the potential for up to 40 new homes. The site is within a 10 minute walk of Maidenhead station which will be part of the Crossrail network opening in December 2019.
In line with the Company’s objective of increasing the size of its strategic land bank, a new site has been secured at a discount to market value option at Barnet Lane, Elstree, near Watford in Hertfordshire, which could accommodate approximately 50 homes. A further four strategic land options are currently in solicitor’s hands.
Joint Ventures
Inland has entered into a 50/50 joint venture with the Anderson Group, a leading groundworks and construction firm, to develop a site for 95 houses at Europa Way, Ipswich with an estimated gross development value of £16 million. The transaction entails the Anderson Group undertaking the construction of the units while Inland Homes will undertake the sales and marketing of the houses as well as procuring the funding for the development, and it follows on from the successful joint venture project already underway with the Anderson Group at Gardiners Lane, Basildon, in Essex for 43 housing units.
Construction Contracts
Inland Partnerships, the Group’s wholly owned subsidiary dedicated to delivering residential units for housing associations and other residential landlords such as PRS funds or Local Authorities, has entered into a £29.5 million contract to build 136 units for Affinity Sutton Housing Association at Abbey Wharf in Alperton, in the London Borough of Brent.
Inland Partnerships currently has construction contracts worth approximately £41.5 million and following further planned land sales, expects to secure construction contracts of approximately £25.0 million in the second half of the financial year.
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