The deal will see the development of more than 600 homes, as well as employment and community facilities on a site currently owned by Homes England, the government body charged with accelerating housing delivery. The overall project also includes a new school.
Inland Homes has paid an initial £100,000 on signing the agreement, which remains conditional on getting planning permission but there is already a draft planning allocation for development. Under the agreement, Inland Homes will acquire land on a phased basis from Homes England. The 54-acre site will have a gross development value in the order of £200m, the developer said.
In a separate joint venture with Anderson Group, Inland Homes has already built and sold 43 homes on an adjacent project and is nearing completion of another 33 homes there.
Chief executive Stephen Wicks said: "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."