Inland Homes has sold two build to rent schemes in its Centre Square and Buckingham House developments in High Wycombe for £52.8m.
The brownfield developer and housebuilder has sold Centre Square, a 123-unit scheme, for £31.5m and Buckingham House, an 85-unit scheme, for £21.3m.
The Centre Square sale has been structured so that £15.75m is paid upfront, with monthly staged payments through to the site’s practical completion in early 2021.
At Buckingham House, a total of 10% of the sales price has been paid, with the balance payable on completion, which is targeted for early 2022.
Inland Homes said it would use the proceeds to reduce debt and provide cash flow that will be reinvested into the group’s operations.
Stephen Wicks, chief executive, said: “We have a substantial number of sites which are suitable for rental housing and as we reported in last year’s accounts, securing ‘Build to Rent’ opportunities has been a priority for the group this year.
“As these deals evidence and following the completion of land sales at Wilton Park and Cheshunt Lakeside, there is sustained demand from investors, housing associations and other developers for our high-quality land assets and our build expertise.”
INL : Inland Homes sells build to rent schemes for £52.8m