Inland Homes plc has agreed to sell the final phase of its Carters Quay development in Poole to Bournemouth, Christchurch and Poole (BCP) Council. The Carters Quay development is an excellent example of Inland Homes' business model and skill set in action - it acquired brownfield land, formerly the Pilkington Tile Factory, and worked with the local council on a long-term basis to regenerate an old unused industrial site to create much needed new homes and commercial space. To date, Inland Homes has completed three phases of this development, which have provided 165 homes.
The last phase of the development will provide 161 new homes and 8,000ft² of commercial space. The Group has received a deposit, together with an advance payment of €9.65m (£8.25m), which will provide a further reduction in the Group's borrowings. The contract is for a total consideration of circa €51m (£43.5m) over the next 36 months or so, with monthly stage payments being made to Inland Homes as the project progresses.
Inland Partnerships will construct the new homes on BCP's behalf and transfer the land and buildings and recognize the income from this phase when the project is complete. The site is ready for construction and piling works are set to commence in April 2022. Build completion is anticipated by the end of 2024.
Chief Executive Stephen Wicks commented: "We are delighted to be working in partnership with BCP Council to deliver the final 161 homes at Carters Quay. We have already built a collaborative and productive relationship with BCP, who shared our vision for the regeneration of Carters Quay from the outset. The Group's partnership housing division is growing from strength to strength with a forward order book now in excess of €234m (£200m). Our partners recognise the Group's ability to add value across all stages of the project and this latest contract is testament to that."
