14th Apr 2020 17:21
(Alliance News) - Brownfield developer and housebuilder Inland Homes PLC said Tuesday it has signed an agreement with Homes England, a government body charged with speeding up housing delivery in the UK.
The deal is for the development of 600 homes, employment and community facilities owned by Homes England, and a site for a new school in Basildon. The 54 acre site will have a gross development value of GBP200 million.
Inland Homes has paid an initial payment of GBP100,000 on signing the agreement, which is conditional on gaining planning consent for the scheme. Inland Homes will acquire land on a phased basis from Homes England once consent has been secured.
"This is an example of the tenacity of the Inland team in structuring complex transactions and delivering housing supply. The project involves the re-location of a number of sporting facilities to new locations within Basildon as well as major infrastructure works. We look forward to working alongside Homes England and submitting an early planning application for the comprehensive redevelopment of this important site," said Chief Executive Stephen Wicks.
Shares in Inland Homes closed 5.9% lower at 54.00 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
INL.L