Inland Homes plc has entered into agreements relating to the acquisition and development of one of the largest brownfield sites in London, the 36.7-acre Cavalry Barracks in Hounslow, West London. The company expects to make a planning application for a residentially-led mixed-use scheme of over 1,000 homes within the next six months. It will manage the planning and development process on behalf of the equity investors on this project and will be entitled to receive a significant share of the development profit from this high profile opportunity.
The project will have an anticipated GDV in the region of €665.3m (£600m). It is currently the home of the Irish Guards who are relocating to Aldershot. The site comprises over 37 acres of land and includes 14 Grade II listed buildings and 19 locally listed buildings together with over 439 existing residential accommodation units. The entire site is allocated for a major mixed-use development via a development brief adopted by the London Borough of Hounslow.
Commenting on the transaction, Inland Chief Executive said: "This is our fifth MOD transaction and the largest to date. We have an excellent track record in the early delivery of homes on sites such as this, a significant proportion of which will be affordable, which is particularly important in London Boroughs like Hounslow. Our asset management division now has six live projects in London which have the potential for over 2,700 homes together with employment opportunities. It is a testament to our long and successful track record in Brownfield development that our investors have the confidence to commit significant sums to these projects, particularly in the current challenging economic climate."