Homes England a government body charged with accelerating housing delivery in the UK has signed a US $249.5m agreement with Inland Homes a brownfield developer, housebuilder and partnership housing company with a focus on the south and south-east of England; for the development of over 600 homes, employment and community facilities currently owned by Homes England as well as a site for a new school in Basildon.
The agreement, which is the culmination of a number of years work by the Group, has seen Inland Home pay an initial consideration of US $124,839.50 on signing the agreement which is conditional on obtaining planning consent for the scheme, which already has a draft planning allocation for development.
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Scope of the agreement
Under the agreement, Inland Homes will acquire land on a phased basis from Homes England once a viable planning consent has been secured. The 54 acre site will have a gross development value in the order of US $249.5m.
According to Chief Executive of Inland Home Stephen Wicks, this is an example of the tenacity of the Inland team in structuring complex transactions and delivering housing supply. The project involves the re-location of a number of sporting facilities to new locations within Basildon as well as major infrastructure works. “We look forward to working alongside Homes England and submitting an early planning application for the comprehensive redevelopment of this important site,” he added.
The Group, in a separate joint venture, has already built and sold 43 homes on an adjacent project and is nearing completion of phase 2, comprising 33 homes, of which 85% are already sold.
