Inland, which specialises in buying brownfield sites and enhancing their value by obtaining planning permission, is pleased to announce that it has exchanged contracts for the unconditional purchase of a substantial brownfield site which formed part of St John's Hospital, Wood Street, Chelmsford, Essex.
The land extends to some 6.5 acres, which is approximately 50% of the entire St John's Hospital site. The development potential for the whole site is up to 300 residential units together with commercial floor space.
This land acquisition forms an integral part of Inland's core growth strategy to focus on substantial brownfield land opportunities, where the development potential is significant. The Company is also pursuing a number of other land opportunities within the South East region.
Stephen Wicks, Chief Executive of commented:
"We are delighted to have secured this important brownfield development opportunity on favourable terms for the Group. Given our track record of success in this area, we remain confident in obtaining a valuable planning consent on this site."