Shares in Inland Homes (INL) rose more than 4 per cent after the housebuilder and brownfield regeneration specialist announced the sale of two plots for £18.1m. The sale price yields a total profit of £9m.
A 1.05 acre plot in Acton, West London has been sold to a major housebuilder, with Inland having acquired planning consent for 95 apartments, including 35 affordable units. The other site of 0.6 acres was formerly a public house in Farnborough and has planning consent to build 62 apartments, including 11 affordable units.
In addition to these two disposals, Inland revealed that forward sales of private homes, either contracted or reserved for sale, currently total £28.1m, based on an average selling price of £355,000, up from £325,000 at the start of this year. Demand from housebuilders for 'oven ready' development sites means that Inland has been able to maintain margins at an attractive level.
Prior to the two land sales, analysts at Stifel were forecasting adjusted NAV of 93p per share at the June year-end.
