Planning consent granted for Wilton Park and purchase of joint venture partner at Cheshunt Wilton Park

Inland Homes (AIM: INL) the leading brownfield developer, housebuilder and partnership housing company with a focus on the South and South East of England, has received planning consent for its flagship site at Wilton Park in Beaconsfield, Buckinghamshire, further to the signing of a s106 agreement. The consent follows planning resolution for the site, as announced on 6 June 2019.

Wilton Park is the Group’s flagship site, with an estimated gross development value of £350 million. Described by Savills as the best residential opportunity in southern England, Wilton Park benefits from its close proximity to junction 2 of the M40 and to Beaconsfield and Seer Green stations which provide access to London Marylebone within 23 minutes.

The planning consent will enable the delivery of 350 homes as well as commercial and community space within the 100-acre site. A further part of the site is subject to a draft allocation for development, which, if adopted, could provide up to an additional 250 homes and 200,000 sq ft of commercial space.

Cheshunt Lakeside

The Group has a Put and Call option arrangement with its joint venture partner at Cheshunt Lakeside. Following deemed exercise of the option on 22 September 2019, the Group will acquire its joint venture partner’s 50% interest in Cheshunt Lakeside Developments Limited for £29.9m of which £10 million has already been paid. The Group is finalising a facility to fund part of the balance of the consideration with the remainder coming from the Group’s resources. The acquisition is due to be completed by 30 September 2019.

The Group’s strategic landbank continues to grow significantly. These sites are held on discount to market value options which are only exercised when planning consent is obtained. They now hold 31 options on sites totalling 480 acres with the potential for approximately 2,650 plots comprising approximately 2,300 houses and 350 flats.

In the last four weeks they have completed a sale of 60 plots in Bedfordshire to Linden Homes and obtained a resolution to grant planning consent for 78 plots on the strategic site in Cressing, Essex.

A further two sites in Buckinghamshire totalling 15.5 acres have now been allocated for 153 units. Two other sites in Berkshire and Buckinghamshire totalling 18.0 acres have recently received draft allocations for approximately 200 units.

Additionally, planning applications are imminently due to be submitted on three sites where the Local Planning Authorities cannot meet their housing supply for approximately 250 units across 34.5 acres.

Stephen Wicks, CEO of Inland Homes, commented:

“This is another significant step forward in the delivery of our flagship site Wilton Park, and for the continued success of the Group. Together with the recent consent at Cheshunt Lakeside, these two sites provide over 1,650 consented plots for our land bank. The acquisition of our joint venture partner at Cheshunt provides us the opportunity to extract significant land and development profits from this magnificent site. Our land and planning team are doing an excellent job in securing options on favourable terms and taking these sites through the planning system. Strategic land is now making a positive contribution to our profitability. These sites will either be sold to other developers or fed into our own growing housebuilding operations.”