Business
Sale of Land in Nottingham
Sale of Land in Nottingham.
About this update from Severn Trent Plc
[{"type":"text","content":"\n \nRNS Number : 6642M Severn Trent PLC 01 May 2018 \n\n1 May 2018\n \n \n \n \nSevern Trent Plc - Sale of Land in Nottingham\n \nSevern Trent is pleased to announce the sale of land through its property subsidiary, Midlands Land Portfolio Limited to Persimmon Homes Limited.\n \nThe site is located approximately five miles east of Nottingham, between Netherfield and Stoke Bardolph. In conjunction with land purchased by Persimmon from Gedling Borough Council this development will create 830 new homes as well as new leisure areas including play pitches with changing facilities, allotments, children's play areas, an ecology park for the community to use and a new primary school, all bringing people and jobs into the area. \n \nAndy Smith, Managing Director of Severn Trent Business Services, said: \n \n \"This is an excellent example of innovation with public and private sectors working together for the communities they serve and building new homes which are desperately needed in this area. In line with the strategy we have previously announced, we are very pleased that by making our business more efficient, we have been able to free up land to help create this development. It is also great news for Severn Trent customers because a portion of the proceeds we receive will be shared with customers in the form of lower bills in the future.\"\n \nThe sale values the land at £21.8 million, realising a group profit of £18.2 million1 in the year ended 31st March 2019. Payments will be made in cash and phased over the life of the project with £2.3 million payable now and the remainder phased evenly over 5 further yearly payments of £3.9 million each ending on 30th April 2023. \n \n \n1. Group Profit is defined as Profit Before Tax inclusive of planning and development costs and carrying value of the land.\n \n \n\n\n\n\nEnquiries\n \n\n\n\n\n\n\n\n\n\n\nInvestors & Analysts\n \n\n\n\n\n\n\n\n\n\n\nRichard Eadie\n\n\nSevern Trent Plc\n\n\n+44 (0) 7889 806578\n\n\n\n\nHead of Investor Relations\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRichard Tunnicliffe\n\n\nSevern Trent Plc\n\n\n+44 (0) 7834 419722\n\n...