Inland Homes secured planning permission from Broxbourne Council in June for its Cheshunt Lakeside development, subject to a Section 106 agreement.
Under Section 106 of the 1990 Town & Country Planning Act, local authorities can demand money from developers to pay for infrastructure that is required to make the proposed development acceptable. Cheshunt Lakeside’s Section 106 agreement sees the developer provide more than £14m towards a new primary school, affordable housing, contributions towards secondary schools and improved transport links, including a new road, bus route and upgrades to Cheshunt railway station.
The Cheshunt Lakeside masterplan comprises 1,725 homes and 19,000 m2 of commercial space on the former Hertfordshire headquarters of grocery chain Tesco.
Inland Homes will submit its first reserved matters application for the delivery of 195 units in autumn 2019. Demolition of the existing buildings on site will begin before the end of the year.
Inland Homes chief executive Stephen Wicks said: "The short time-frame in which we have been able to agree the terms of the Section 106 agreement for Cheshunt Lakeside is a clear indicator of Inland Homes' success in working collaboratively with local councils to secure planning consent on complex sites.
"With the terms agreed, we are now eager to start construction and transform this former industrial site from its somewhat decrepit state into a thriving residential and business community of which we can all be proud."