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Thu June 20 2019

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Clarion pays Inland £78m for Dagenham development

9 Apr Inland Homes has agreed the sale of its Merrielands Crescent site in Dagenham to Clarion Housing Group, the UK's largest housing association.

Artist's impression of the planned development at Merrielands Crescent
Artist's impression of the planned development at Merrielands Crescent

The transaction is for a total land and build consideration of £77.7m, with the land being sold for £14m. Inland Partnerships, the construction arm of the company, will take on the development phase on behalf of Clarion. This is expected to take three years to complete.

The four-acre site, originally part of the Ford car plant, will comprise 325 residential units across a number of five to ten storeys apartment blocks, together with 1,514 m2 of commercial space, 178 car parking spaces and associated amenity area.

The site is within the London Riverside Opportunity Area, a 3,000 hectare regeneration zone designated in the London Plan for up to 26,500 homes across the borough of Barking & Dagenham.

Inland Homes said that the deal demonstrated how its partnership transactions with housing associations and local authorities enabled it to make a profit on buying and selling land while also securing cash positive construction contracts that provide a balance to open market speculative housebuilding.

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Inland now has a forward order book of more than £145m in its Partnership housing division. It also has 1,455 homes under construction for private sale as well as more than 800 for housing associations, including this latest deal.

Chief executive Stephen Wicks said: "This is an important transaction for Inland and a significant build contract for our fast-growing Partnerships business. This contract further evidences our high-quality land holdings and demand for our turnkey proposition as we complete our transition from a business that was predominantly focused on land trading to a business predicated on delivering our stated medium-term target of 1,000 homes per annum."

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