Builder who flogged a £99,000 plot of land to his own busi­ness

Daily Mail - - City & Finance -

THE boss of re­gen­er­a­tion spe­cial­ist MJ Glee­son is in line for a wind­fall of nearly £100,000 af­ter he agreed to sell some of his own land to the firm for de­vel­op­ment.

Jolyon Har­ri­son ( pic­tured), who lives near York, bought the plot 75 miles away in Mans­field more than a decade ago.

The 69-year-old has agreed to sell it to MJ Glee­son for £98,750.

The com­pany, whose houses typ­i­cally sell for an av­er­age of £124,400, plans to build 32 homes on the site. If all of them go for that amount, the com­pany will rake in £4m.

The trans­ac­tion was agreed by the Glee­son board, with Har­ri­son re­cus­ing him­self from the dis­cus­sions.

‘The land, if pur­chased, will form part of a new Glee­son Homes site be­ing de­vel­oped in the or­di­nary course of busi­ness,’ the com­pany said. ‘The price paid by the group was sup­ported by an in­de­pen­dent val­u­a­tion and ap­proved by the board.’

The deal was made pub­lic as Glee­son re­ported a 19pc rise in half-year prof­its to £13.7m and raised its in­terim div­i­dend from 6.5p to 9p a share.

The com­pany built and sold 593 homes in the six months to the end of De­cem­ber, up 31.5pc on the 451 it sold in the same pe­riod the pre­vi­ous year.

Nearly two-thirds of the homes – 373 – were sold through Help To Buy, the Gov­ern­ment’s flag­ship scheme that lends house hunters cash to get on the prop­erty lad­der.

The eq­uity loan scheme al­lows peo­ple to pur­chase new-builds worth up to £600,000 us­ing de­posits of just 5pc – or £30,000.

The Gov­ern­ment loans up to an­other 20pc, or £120,000, in­ter­est-free for five years. In Lon­don, where prices are typ­i­cally higher, buy­ers can get a 40pc loan worth up to £240,000.

Shares rose 4.9pc, or 34p, to 724p.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.