TIDMINL
RNS Number : 5730G
Inland Homes PLC
20 July 2023
20 July 2023
Inland Homes plc
('Inland Homes' or the 'Group')
Cheshunt Lakeside, Hertfordshire - First Private Development
phase completes
Inland Homes plc (AIM: INL), the brownfield developer,
housebuilder and partnership housing company with a focus on the
South and South East of England, is pleased to announce that the
first phase of homes offered for private sale at its joint venture,
Cheshunt Lakeside in Hertfordshire, have all legally completed.
The joint venture has also exchanged a 15-year lease for the
350m(2) commercial space within this phase with Tesco. Completion
is subject to certain conditions which are in the process of being
fulfilled. This is the first commercial lease within the
development which is set to deliver significant community benefits
to both residents and the wider community.
The 22 one and two-bedroom private sales and delivery of the new
supermarket form part of the larger Cheshunt Lakeside development.
The Group's joint venture, Cheshunt Lakeside Developments Limited
(CLDL), received planning approval in 2019 for 1,725 residential
plots and 21,325sqm of commercial and educational space at Cheshunt
Lakeside, with 1,253 of the residential plots and 4,905sqm of the
commercial and educational space owned by CLDL.
Located on the site of the former Tesco headquarters, the joint
venture forms part of the Group's largest scheme to date and is
already delivering significant community regeneration, in line with
the Group's vision of the development creating a new 'urban
village' within the area.
At Cheshunt Lakeside, Inland has recently completed the
construction of 195 homes on behalf of local affordable housing
provider B3Living and a further 205 homes are under construction on
behalf of London BtR Investment Holdings for delivery in 2024, with
both parties having previously purchased the land from CLDL. Most
recently, CLDL received a resolution to grant planning consent for
an additional 51 homes.
Following the completion of the sale of the 22 private home
sales, CLDL has now repaid in full its GBP5.4m development facility
with Paragon Development Finance.
Nish Malde, Interim Chief Executive Officer at Inland Homes,
commented:
"The location of Cheshunt Lakeside - less than a five-minute
walk from the mainline train station, ten minutes from the M25 and
within close proximity to Lee Valley Regional Park - makes it a
highly desirable and attractive proposition to buyers in an area of
exceptionally high demand for quality housing and little comparable
available stock. We are delighted that our joint venture interest
has completed the sale of the first 22 homes offered for private
sale within this development and exchanged a commercial lease with
a national supermarket chain.
"A site like Cheshunt Lakeside plays to the Inland Homes core
skillsets: brownfield site acquisition and regeneration through
planning. Using these well-developed skills, we are playing a
pivotal role in supporting delivering much needed new homes,
commercial space and community infrastructure within the area."
Enquiries
Inland Homes plc: Tel: 44 (0)1494 762450
Nishith Malde, Interim Chief Executive Officer
Panmure Gordon (UK) Limited Tel: 44 (0)20 7886 2500
Dominic Morley / James Sinclair-Ford (Corporate Advisory)
Tom Scrivens (Corporate Broking)
The information contained in this Announcement is deemed by the
Group to constitute inside information as stipulated under the
Market Abuse Regulations (Regulation 596/2014), as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
The person responsible for this announcement is Nishith Malde,
Interim Chief Executive Officer.
Notes to Editors:
Incorporated in the UK in 2005, Inland Homes plc is an
AIM-listed specialist housebuilder and brownfield developer,
dedicated to achieving excellence in sustainability and design.
Inland Homes acquires brownfield land in the South and South
East of England principally for residentially led development
schemes. The business then enhances the land value by obtaining
planning permission, before building open market and affordable
homes or selling surplus consented land to other developers to
generate cash.
The Group is committed to extensive public and community
consultation in order to ensure that, where possible, local
community needs and objectives are met.
Inland's aim is to create sustainable communities and homes
which set a benchmark for all future developments in the South and
South East of England. The Group is always looking for brownfield
sites without planning permission for future development.
For further information, please visit the Inland Homes website
at: www.inlandhomesplc.com
Hugg Homes - www.hugghomes.co.uk
Rosewood Housing - www.rosewoodhousing.co.uk
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