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Thu August 06 2020

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£50m deals agreed at Cheshunt Lakeside

20 Jul Inland Homes has cemented deals worth £50m with housing association B3Living at its development in Cheshunt, Hertfordshire.

B3Living  has agreed to pay Cheshunt Lakeside Developments Ltd, a joint venture of Inland Homes and Zircon Developments, £15m for phase 1a of its Cheshunt Lakeside project, with a payment in full on completion in September 2020.

In addition, Inland Partnerships has entered into a £34.5m contract with B3Living to construct 195 apartments in this phase. Construction of these will start in October this year.

Cheshunt Lakeside is a £650m development on the site of the former Tesco headquarters buildings in partnership between Inland Homes and Broxbourne Borough Council. Eventually it will have 1,725 new homes, business space and new amenities including a new primary school, according to the plans.

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Elsewhere, Inland Homes has exchanged contracts on the forward sale of 24 apartments under construction at its Chapel Riverside development in Southampton to a housing association for £4.5m, with completion expected in December 2020.

Chief executive Stephen Wicks said: "These recent transactions, at attractive prices and in a difficult economic environment, are a testament to the high quality of Inland's assets. The new partnership housing contract with B3Living takes our forward order book in this division to over £100m.”

B3living chief executive Steve Woodcock said: "This project represents a real milestone for B3Living. This will be our largest project to date and a significant growth for our size. This development will also transform the local area and local lives. In our borough, we see many people who can't afford to buy outright or pay private sector rents, so homes like these are desperately needed."

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