Cheshunt Lakeside Update

Inland Homes PLC

20 July 2023

 

20 July 2023

Inland Homes plc

('Inland Homes' or the 'Group')

Cheshunt Lakeside, Hertfordshire - First Private Development phase completes

Inland Homes plc (AIM: INL), the brownfield developer, housebuilder and partnership housing company with a focus on the South and South East of England, is pleased to announce that the first phase of homes offered for private sale at its joint venture, Cheshunt Lakeside in Hertfordshire, have all legally completed.

The joint venture has also exchanged a 15-year lease for the 350m² commercial space within this phase with Tesco. Completion is subject to certain conditions which are in the process of being fulfilled.  This is the first commercial lease within the development which is set to deliver significant community benefits to both residents and the wider community. 

The 22 one and two-bedroom private sales and delivery of the new supermarket form part of the larger Cheshunt Lakeside development. The Group's joint venture, Cheshunt Lakeside Developments Limited (CLDL), received planning approval in 2019 for 1,725 residential plots and 21,325sqm of commercial and educational space at Cheshunt Lakeside, with 1,253 of the residential plots and 4,905sqm of the commercial and educational space owned by CLDL.

Located on the site of the former Tesco headquarters, the joint venture forms part of the Group's largest scheme to date and is already delivering significant community regeneration, in line with the Group's vision of the development creating a new 'urban village' within the area.

At Cheshunt Lakeside, Inland has recently completed the construction of 195 homes on behalf of local affordable housing provider B3Living and a further 205 homes are under construction on behalf of London BtR Investment Holdings for delivery in 2024, with both parties having previously purchased the land from CLDL. Most recently, CLDL received a resolution to grant planning consent for an additional 51 homes.

Following the completion of the sale of the 22 private home sales, CLDL has now repaid in full its £5.4m development facility with Paragon Development Finance.

Nish Malde, Interim Chief Executive Officer at Inland Homes, commented:

"The location of Cheshunt Lakeside - less than a five-minute walk from the mainline train station, ten minutes from the M25 and within close proximity to Lee Valley Regional Park - makes it a highly desirable and attractive proposition to buyers in an area of exceptionally high demand for quality housing and little comparable available stock.  We are delighted that our joint venture interest has completed the sale of the first 22 homes offered for private sale within this development and exchanged a commercial lease with a national supermarket chain.

"A site like Cheshunt Lakeside plays to the Inland Homes core skillsets: brownfield site acquisition and regeneration through planning. Using these well-developed skills, we are playing a pivotal role in supporting delivering much needed new homes, commercial space and community infrastructure within the area."

Enquiries

Inland Homes plc:                                                                                Tel: [phone]

Nishith Malde, Interim Chief Executive Officer

Panmure Gordon (UK) Limited                                                             Tel: [phone]

Dominic Morley / James Sinclair-Ford (Corporate Advisory)

Tom Scrivens (Corporate Broking)

The information contained in this Announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (Regulation 596/2014), as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

The person responsible for this announcement is Nishith Malde, Interim Chief Executive Officer.

Notes to Editors:

Incorporated in the UK in 2005, Inland Homes plc is an AIM-listed specialist housebuilder and brownfield developer, dedicated to achieving excellence in sustainability and design.

Inland Homes acquires brownfield land in the South and South East of England principally for residentially led development schemes. The business then enhances the land value by obtaining planning permission, before building open market and affordable homes or selling surplus consented land to other developers to generate cash.

The Group is committed to extensive public and community consultation in order to ensure that, where possible, local community needs and objectives are met.

Inland's aim is to create sustainable communities and homes which set a benchmark for all future developments in the South and South East of England. The Group is always looking for brownfield sites without planning permission for future development.

For further information, please visit the Inland Homes website at: www.inlandhomesplc.com

Hugg Homes - www.hugghomes.co.uk

Rosewood Housing - www.rosewoodhousing.co.uk

 

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