Inland Homes has sold 205 residential plots with planning permission at Drayton Garden Village to a major housebuilder for £19.0 million.
Contracts have now been exchanged and completion is scheduled for later this month. Inland said in their interim results in March that they were very advanced in negotiations with a substantial institutional investor in the Private Rented Sector for the sale of these plots. However these discussions were suspended as a result of the significant offer received from the major housebuilder.
Commenting, Stephen Wicks, CEO, Inland Homes, said: “The sale of these apartment plots at Drayton Garden Village is an excellent conclusion for this development site where all the residential plots have now been either sold or are under development. Although it was unfortunate that the discussions with the institutional investor in the Private Rental Sector did not conclude on this site, we hope to continue our discussions with them in respect of other sites within the Group’s extensive land bank.“
“Demand for the Group’s land and homes continues to be very strong and I am very pleased to report that the Board expects to significantly exceed current market consensus for the profit before tax in respect of the current financial year.”