Inland Homes has gained planning permission for 268 residential homes and a commercial space in Lower Hamworthy in Poole, that could be worth several million should it wish to sell on the land for development.
The development application was for a range of housing, which includes: 68 one-bedroom flats, 125 two-bedroom flats, 2 two-bedroom houses, 64 three-bedroom houses and 9 four-bedroom houses. In addition, there will be an electricity sub-station, a foul water pumping station, 436 car parking spaces and a 108,000 sq ft of commercial space.
Stephen Wicks, Chief Executive of Inland, commented: "After extensive negotiations with the Local Authority over many months, we are delighted to have obtained planning permission on this high profile site. Inland will be the first land owner to kick start the regeneration area in Lower Hamworthy."
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Duncan Hall, analyst with house broker Finncap, has a 'buy' recommendation with a price target of 28p on the stock. In an exclusive interview with Sharecast Hall explained: "The site is on the books for £8.8m and there will be a couple of million pounds uplift from having gained planning permission. The next issue is how to unwind it? Whether to sell it off piecemeal or to one developer?"
Certainly, whichever option Inland pursues it now has the opportunity to realise the profits by disposal and recycle the cash into new sites.
Inland's shares were up 0.75p to 19.75p at 11:30.
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