6th Jul 2016 12:01
LONDON (Alliance News) - Housebuilder and regeneration specialist Inland Homes PLC on Wednesday said it has agreed to buy a regeneration project in Cheshunt in Hertfordshire.
Inland Homes said contracts have been exchange for a joint venture with an unnamed third party on the 13-acre site, which includes the former headquarters of supermarket Tesco PLC.
The site, just outside the M25 to the north of London, forms part of a wider 20-acre site expected to be selected as the planning location for a new urban village which will include 1,000 new homes, Inland said.
The deal will be funded by GBP5.0 million from Inland and its joint venture partner, with the rest to be financed by a bank loan. The total cost was not disclosed.
"This is an important acquisition of a prime, well-located site where the local authority is supportive of regeneration and where Inland Homes can bring its considerable experience to bear to potentially create a new exciting and well-planned urban village," said Inland Chief Executive Stephen Wicks.
Wicks added Inland has seen the same level of demand from potential homebuyers in the nearly two weeks since the UK voted to leave the European Union. He said the company sells homes at the lower end of the value spectrum, and this segment is supported by strong demand fundamentals and low interest rates, as well as by the UK government's Help to Buy scheme.
Inland Homes shares were down 8.2% to 47.50 pence Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
INL.L