UK developer Inland Homes has sold two development sites in the London area for a total of £18.1 mln (€22.9 mln).
The Vale, in Acton, West London, is a 4,250 m2 site with planning permission to build 95 apartments, including 35 affordable homes. Inland said the buyer was a major listed housebuilder.
Inland has also sold the 2,400 m2 site in Farnborough, Hampshire, previously occupied by the Ham and Blackbird pub, to a small regional housebuilder. The site comes with planning permission for 62 apartments, including 11 affordable units.
The price reflects a total profit on sale of £9 mln, based on the combined book value of the land, the company said.
Inland also said it had booked forward sales of private homes totalling £28.1 mln, at an average price per unit of £355,000.
CEO Stephen Wicks said: ‘These two transactions are the latest examples of our ability to identify keen opportunities in areas where there is growing demand for housing, creating significant value by successfully steering them through the planning process, while simultaneously generating income through flexible and active asset management.
‘The appetite amongst our housebuilder customers for our well-located consented land means we have been able to undertake these disposals at an attractive margin.
‘In addition, the significant forward sales position of our growing house building operation underpins our continuing confidence in the outer London and Home Counties market, which is the focus of our operations.’
