Inland Homes PLC Planning consent granted at Cheshunt Lakeside (8141H)
August 05 2019 - 1:00AM
UK Regulatory
TIDMINL
RNS Number : 8141H
Inland Homes PLC
05 August 2019
5 August 2019
Inland Homes plc
Planning consent granted at Cheshunt Lakeside
Inland Homes (AIM: INL) ("Inland Homes" or the "Company"), the
leading brownfield developer, housebuilder and partnership housing
company with a focus on the South and South East of England, has
received planning consent at Cheshunt Lakeside, Hertfordshire,
further to the signing of a Section 106 agreement.
The consent follows planning resolution for the Cheshunt
Lakeside site, as announced on 26 June 2019, and is the largest
ever consent secured by Inland Homes.
The Cheshunt Lakeside masterplan will create a new "urban
village" comprising 1,725 homes, 19,000 sqm of commercial space
together with the provision for a new primary school. Inland Homes,
together with its equal joint venture partner, owns and controls
1,253 residential plots and 4,905 sqm of commercial and educational
space within the masterplan area with an estimated gross
development value of GBP620m. Inland Homes is the lead developer on
the broader masterplan, which it is working with the council to
deliver.
Following the change to the Company's accounting reference date
and financial year end to 30 September 2019, as announced on 6 June
2019, the consent falls within the current financial period and
will ensure the value resulting from the significant planning
decisions at Cheshunt Lakeside and across its wider portfolio is
adequately captured.
Under the terms of the Section 106 agreement, the development
will provide more than GBP14m in planning contributions for new and
upgraded public infrastructure and community facilities that will
support the "urban village" masterplan vision. This includes 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 development
will also generate up to 1,150 jobs on site in addition to 250
construction jobs and 30 apprenticeships, helping boost the local
economy by up to GBP16m a year through increased business
activity.
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, including the former Tesco headquarters
will begin before the end of the calendar year.
Stephen Wicks, Chief Executive, commented:
"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."
ENDS
Enquiries:
Inland Homes plc: Tel: +44 (0) 1494 762450
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Gary Skinner, Managing Director
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
Dominic Morley
Erik Anderson
Instinctif Partners Tel: +44 (0) 20 7 457 2020
Mark Garraway
James Gray
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 Company 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 Company is always looking for brownfield
sites without planning permission for future development.
For further information, please visit the Inland Homes website
at www.inlandhomes.co.uk.
Hugg Homes - www.hugghomes.co.uk
Rosewood Housing - www.rosewoodhousing.co.uk
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contact rns@lseg.com or visit www.rns.com.
END
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