Inland Homes plc, the specialist brownfield land development and housebuilder with a focus on the South and South East of England, is pleased to provide an update on its site at West Cliff Road (formerly Wessex Hotel), Bournemouth.
On 25 June 2018 Inland Homes announced that it had signed a pre-let with Premier Inn for a 25-year lease, with a starting rent of £588,000 per annum for West Cliff Road. The site is currently under construction for 88 apartments and a 105-bed hotel. On 27 November 2018 the Company announced that it had signed a conditional forward sale of the site to Aviva Investors for £13.3 million. Inland Homes is now pleased to announce that the conditions to the agreement have now been satisfied and therefore, on completion of the hotel (estimated December 2020), Inland will receive £13.266m for the freehold interest.
Inland Homes is also pleased to advise that it is moving to a purpose-built headquarters of 10,000 sq. ft at Burnham Yard, London end, Beaconsfield, Buckinghamshire HP92JH on 29th April 2019. This will be the Group’s new registered office.
Stephen Wicks, CEO of Inland Homes, commented:
“We are delighted that the forward sale agreement with Aviva Investors is now unconditional, at a starting yield of 4.15%. This will generate an attractive capital sum for Inland on completion of the development which is significantly more than initially anticipated.
The move to Burnham yard will enable us to have significantly more space and will provide further room to continue the expansion of our operations in the future”.