Inland Homes agrees multi-million-pound partnership contract for Dagenham housing
Specialist brownfield development and housebuilder, Inland Homes plc has exchanged contracts for the sale of its Merrielands Crescent site in Dagenham with Clarion Housing Group.
The transaction is for a total land and build consideration of £77.7m, with the land being sold for £14m payable on completion.
Inland Partnerships, the construction arm of the Group, will undertake the development phase on behalf of Clarion, which is expected to take approximately three years.
Stephen Wicks, CEO of Inland Homes, commented: “This is an important transaction for Inland and a significant build contract for our fast-growing Partnerships business.
“This contract evidences our land holdings and demand for our turnkey proposition as we complete our transition from a land trading business to a business predicated on delivering our stated medium-term target of 1,000 homes per annum.”
The development of this four-acre site will comprise 325 residential units across five to 10 storeys apartment blocks, together with 1,514 sq m of commercial space, 178 car parking spaces and associated amenity area.
These partnership transactions enable Inland to recognise land profits whilst also securing cash positive construction contracts that provide a balance to open market speculative housebuilding.
Inland has a record forward order book of over £145m in its partnership housing division, with 1,455 homes under construction for private sale.
This latest partnership contract brings the total number of homes being built for housing associations to over 800.
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