Inland Homes plc have completed the sale of phase two of its prime waterside Sherborne Wharf project in Birmingham to Crest Nicholson for €4.94m (£4.34m).
Acquired during the 2016 financial year, Inland subsequently secured consent for a total of 233 residential units, comprising the first two phases of the development. Crest Nicholson has purchased a one-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, in December 2017.
In a second transaction, Inland has agreed on a pre-let to Premier Inn for a 46,000 ft², 107-room hotel development in Bournemouth. Inland 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, approximately half a mile from the city centre in the West Cliff area. Premier Inn has agreed to a 25-year lease, with 5-year upward only reviews, at an agreed starting rent of €669,333 (£588,000) per annum.
Demolition of the old hotel is near completion, with the construction of the basement car park for both the new hotel and residential apartments anticipated to commence in September.
Stephen Wicks, CEO of Inland Homes, commented: "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.”
