Inland Homes has exchanged unconditional contracts via its joint venture, Cheshunt Lakeside Developments Limited, to sell Phase 1a at its Cheshunt Lakeside, Hertfordshire project to a local housing association, B3Living, for €16.6m (£15m). In addition, Inland Partnerships entered into a contract with B3Living to construct 195 apartments in this Phase in a deal worth 38.2m (£34.5m). Construction will commence in October this year.
Inland Homes has also announced the following transactions:
- The completion of the sale of a development site in Staines for €7.3m (£6.6m) where Inland has entered into an agreement with the purchaser to manage the planning process and will receive a share of the profits once planning consent is obtained.
- The completion of the sale of Burleighfield House in High Wycombe for €1.8m (£1.65m).
- An unconditional exchange of contracts for the forward sale of 24 apartments under construction at its Chapel Riverside development to a housing association for €5m (£4.5m) with completion expected in December 2020.
Stephen Wicks, Group Chief Executive commented: "These recent transactions, at attractive prices and in a difficult economic environment, are a testament to the high quality of Inland's assets. The new partnership housing contract with B3Living takes our forward order book in this division to over 110.8m (£100m). We have a number of further significant sales in the pipeline and we will update the market in due course."
B3living's Chief Executive, Steve Woodcock, said: "This project represents a real milestone for B3Living. This will be our largest project to date and significant growth for our size. This development will also transform the local area and local lives. In our borough, we see many people who can't afford to buy outright or pay private sector rents, so homes like these are desperately needed."