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Inland Homes signs £6.5mln contract for London housing development

Under the contract, the AIM-listed firm will start demolishing work in April and complete 31 apartments by July 2022

Inland Homes PLC - Inland Homes signs £6.5mln contract for London housing development
A rendering of Afrex House

Inland Homes PLC (LON:INL) has signed a £6.5mln contract with not-for-profit housing provider Octavia Housing for the development of Afrex House in north-west London.

Under the contract, the AIM-listed firm will start work in April and complete the 31 apartments by July 2022.

The project is part of a £1.2bn investment to revive the Alperton area, in the Borough of Brent, by building over 3,200 new homes.

Inland Homes said it more than tripled the number of homes under construction on behalf of partners in its last 15-month financial period to September.

As at 30 September, the group had 892 private and 921 partnership homes under construction, which boost revenue and provide monthly cash flow.

“This contract, our second with Octavia, is evidence of the sustained demand from industry for these types of schemes - and its confidence in our ability to deliver,” said chief executive Stephen Wicks.

 Shares rose 1% to 92.15p on Friday after the opening bell.

Quick facts: Inland Homes PLC

Price: 64 GBX

AIM:INL
Market: AIM
Market Cap: £146.06 m
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