Inland Homes (AIM: INL), the leading brownfield developer, housebuilder and partnership housing company with a focus on the South and South East of England, is pleased to announce that its planning application at Cheshunt Lakeside, Hertfordshire has received a resolution to grant planning permission subject to the signing of a Section 106 agreement.
The 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 £620m. Inland Homes is the lead developer on the broader masterplan, which it is working with the council to deliver.
A Section 106 planning agreement will be signed by the parties as soon as possible which will release the planning permission within the current financial period, ending 30 September 2019.
The planning approval at Cheshunt is a major milestone for the business and in line with its strategy of acquiring quality land in areas of high-demand, where Inland adds significant value by securing planning permission and then seeks to generate value for shareholders through a mix of selective in-house development and by providing a turnkey solution for development partners.
The delivery of the first phase of this project, comprising 195 units as part of a reserved matters application, will be brought forward at the earliest opportunity.
Stephen Wicks, Chief Executive, commented:
“I am delighted with the positive decision delivered by the planning committee yesterday. Cheshunt Lakeside is the largest planning approval obtained by Inland Homes since its incorporation and a major milestone for the business.
“The development of what will become a new “urban village” will sit in 8 acres of landscaped grounds, together with the creation of a new Public Square, shops, cafes and offices close to Cheshunt Station (25 minutes to Liverpool Street) and will create a superb environment for residents and businesses alike.”