21st Aug 2020 11:35
(Alliance News) - Inland Homes PLC on Friday said its has agreed to acquire and develop the 36.7 acre cavalry barracks in Hounslow, West London.
The brownfield developer sai the site is being acquired from the Defence Infrastructure Organisation, which manages the assets of the UK Ministry of Defence.
The site is home to the Irish Guards, a British Army regiment 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 company said.
The deal is anticipated to be completed in August 2021.
Inland Homes expects to make a planning application for over 1,000 homes within the next six months.
The company said it will manage the planning and development process on behalf of the equity investors and will be entitled to receive a significant share of the development profit.
The project has an anticipated gross development value in the region of GBP600 million.
Inland Chief Executive Stephen Wicks said: "This is our fifth Ministry of Defence 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."
Inland Homes shares were up 6.3% at 53.70 pence each on Friday morning in London.
By Greg Roxburgh; [email protected]
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