Member Article

Land Secs drops out of 5,000-home Kent development

A scheme to build more than 5,000 homes on a former military site in Kent has lost its developer due to ‘commercial reasons’.

Land Securities has pulled out of the Lodge Hill, Chattenden, development following a multi-million pound loss on the development.

In its annual report, the developer said it has lost £11.3m on the project after a plans for a public inquiry into the scheme were announced.

The Lodge Hill development, which will host 5,000 homes, along with schools and shops, was to be built with a long-term contract with the MOD.

In its annual statement, Land Secs said:: “We have recognised a loss of £11.3m due to increased uncertainty over the recoverability of our costs to date following the disappointing decision by the Secretary of State to call in the proposed scheme for public inquiry.”

This was posted in Bdaily's Members' News section by Ellen Forster .