26 November 2015
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”
For Further information:
|Telford Homes Plc|
Jon Di-Stefano, Chief Executive
Kate Rogers, Financial Director
Tel: +44 (0) 1992 809 800
|Shore Capital - Nomad and Joint Broker|
|Pascal Keane / Patrick Castle||Tel: +44 (0) 20 7408 4090|
|Peel Hunt LLP - Joint Broker|
|Charles Batten / Hugh Preston||Tel: +44 (0) 20 7418 8900|
|Quincy Allan / Alex Shaw||Tel: +44 (0) 20 7398 7710|
For further information, please see www.telfordhomes.london