The four-acre brownfield site was previously part of the old Ford car plant. It has planning consent for 325 homes and 1,600 m2 of commercial space.
It 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 it was in talks to build the homes in joint venture with a housing association, with 116 homes intended as affordable housing and the remaining 209 units sold on the open market. Construction is expected to start in summer 2019.
Inland Homes chief executive Stephen Wicks said: "This is a significant acquisition for Inland Homes of a prime development opportunity in east London. Dagenham has some of the most affordable house prices out of all the London boroughs and this site will increase the provision of good quality, competitively priced homes, in an area benefitting from fast connectivity into central London.
"The opportunity fits in well with our strategy of providing lower cost homes in areas of high demand. At the same time the proposed joint venture with a major housing association will provide Inland Partnerships with a significant new build contract opportunity, adding to our existing forward order book of nearly £100m."