Trading Update

Inland, which specialises in buying brownfield sites and enhancing their value by obtaining planning permission, today provides a further update following on from the announcement issued on 17th July.

Land
We are pleased to report that we have now obtained planning permission for 13 two and three bedroom homes on our site in High Road Byfleet, Surrey.

At our 9.5 acre site in Poole in Dorset we have agreed to enter into a new 5 year lease with our tenant Pilkington’s Tiles Ltd at a rent of £300,000 pa. The lease has a mutual break clause after three years.  We expect to submit a planning application for approximately 500 homes as well as commercial development on this site in the next month.

Heads of terms have been agreed for the sale of our site at Ashford Hospital near Heathrow subject to consent being obtained for a major hotel development, this site currently has a resolution to grant consent for 170 apartments. We are confident that this scheme will meet with the approval of the Local Authority.  A further announcement will be made in due course

Finance
We are further pleased to confirm that we have secured new banking facilities totalling £15m, of which £7m is available for immediate drawdown, with the balance available with the addition of further security at the point of drawdown. The company still maintains a net cash position of approximately £2million.