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Inland Homes PLC on Monday said it has achieved practical competition of its land and build sale of 85 units at Buckingham House, High Wycombe to an unnamed ‘build-to-rent’ operator.
Shares in the Beaconsfield, Buckinghamshire-based house builder & brownfield developer were down 7.6% to 29.10 pence each in London on Monday morning.
Back in October 2020, Inland said that it had signed a land and build contract, worth £21.3 million. £2.1 million was received on exchange, with the balance payable on completion in mid-July, 2022.
On completion, the company said that in addition to the agreed contract sum, it has generated a further £400,000 in respect of agreed variations and the disposal of a commercial unit at Buckingham House.
Inland said that the net receipt of £19.6 million will be used to repay £12.0 million debt, with the balance set to improve its day-to-day working capital.
Chief Executive Stephen Wicks said: ‘There is a drastic shortage of consented sites in the south and south east that is exacerbated by a highly complex planning system which places high demands on developers. Our valuable land portfolio offers highly attractive opportunities to other developers, housing associations and build to rent operators and we continue to optimise this demand whilst making further headway in the delivery of our key strategic objectives; namely a reduction in net debt.’
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