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Company Announcements

Acquisition of Carmen Street Site

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RNS Number : 9840G
Telford Homes PLC
26 November 2015
 

 

 

Press Release

26 November 2015

 

 

Telford Homes Plc

 

 

Acquisition of site with planning permission for 206 homes on Carmen Street, E14

 

Telford Homes Plc (AIM:TEF), the London focused residential property developer, is pleased to announce that it has conditionally exchanged contracts for the purchase of a significant development site on Carmen Street in Poplar, E14, for in excess of £20 million.  Completion is subject only to the receipt of outstanding documentation.

 

The site has full detailed planning consent for a 22 storey development, consisting of 206 new homes and a nursery.  The development is located close to Langdon Park Station, which is less than ten minutes from Canary Wharf on the DLR.  Crossrail at Canary Wharf will further improve transport connections in Poplar, and as a result the area is expected to see significant development in the coming years.  The Group expects to commence work on site in 2016 with completions anticipated in 2019 and 2020.

 

Assuming the conditions are satisfied the acquisition of the Carmen Street site will mark the first deployment of funds from the recent equity placing and represent an improvement on the Group's expectation of committing those funds to sites requiring planning consent.  The Group anticipates that the development will add in excess of £80 million of revenue to its development pipeline.

 

Jon Di-Stefano, Chief Executive of Telford Homes, said:

"This acquisition represents the first significant benefit of our recent £50 million placing, which provides Telford Homes with additional flexibility to take advantage of competitive market opportunities.  We are constantly reviewing potential sites and having access to this capital has allowed us to move quickly to secure the Carmen Street site which has the unexpected advantage of an existing planning consent.  Poplar is an area we know well, where there is strong and proven demand for our homes, and we look forward to commencing this exciting development in 2016".  

 

- Ends -

 

For further information:

 

Telford Homes Plc

 

 

Jon Di-Stefano, Chief Executive

Tel: +44 (0) 1992 809 800

 

Katie Rogers, Financial Director

www.telfordhomes.london

 

 

Shore Capital - Nomad and Joint Broker

 

Pascal Keane / Patrick Castle

Tel: +44 (0) 20 7408 4090

 

Peel Hunt LLP - Joint Broker

 

Hugh Preston / Charles Batten

Tel: +44 (0) 20 7418 8900

 

Media enquiries:

Abchurch

 

Quincy Allan / Alex Shaw

Tel: +44 (0) 20 7398 7710

quincy.allan@abchurch-group.com

www.abchurch-group.com

 

 

For further information, please see www.telfordhomes.london

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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