Inland Homes sells land to Crest Nicholson for £4.3m

AIM-listed brownfield land developer and housebuilder Inland Homes has sold phase two of its prime waterside Sherborne Wharf project in Birmingham to Crest Nicholson for £4.3m.

Crest Nicholson has bought a 1.0 acre site, with detailed planning for the development of 87 residential units. The sale is the second at the site following the sale of phase one of the project, comprising 146 consented units, also to Crest Nicholson, last December.

Inland also announced that it has agreed a pre-let to Premier Inn for a 46,000 sq ft, 107-room hotel development in Bournemouth. The company secured consent for the hotel and an additional 85 apartments in June last year.

Situated on the site of the former Wessex Hotel in central Bournemouth, around half a mile from the city centre in the West Cliff area, Premier Inn has agreed a 25-year lease, with five-year upward only reviews, at an agreed starting rent of £588,000 a year.

Chief executive officer Stephen Wicks said: "These are significant transactions that demonstrate both the market-leading expertise of our planning team, as well as the appeal and variety of schemes that sit within the Inland Homes portfolio. At Sherborne Wharf, we have taken what was a complex site and realised significant value through this sale to one of the UK's leading housebuilders.

"On the Wessex site in Bournemouth, we were pleased to have secured a pre-let to a strong covenant, which has delivered significant capital value uplift. Inland has a growing reputation as a highly experienced mixed-use developer and this project is a clear demonstration of these credentials."

At 0945 BST, Inland shares were up 1.5% to 69p.