Inland Homes strikes deal for Hounslow’s cavalry barracks

Inland Homes has agreed to buy Hounslow’s cavalry barracks from the Defence Infrastructure Organisation, acting on behalf of the Ministry of Defence. The 36.7-acre site is slated for redevelopment to provide a mixed-use scheme with more than 1,000 homes and a gross development value of £600m. The barracks are currently occupied by the Irish Guards, which will be relocating to Aldershot. Inland Homes said it was buying the site on behalf of equity investors to whom it was providing planning and management services for the development. As part of the deal it will also benefit from a “significant” share of the development profit. Completion of the deal is subject to Inland Homes taking possession of the site in August next year, but it is anticipating submitting a planning application within the next six months.  The site comprises 14 Grade II listed buildings and 19 locally listed buildings, together with over 439 existing residential accommodation units. Stephen Wicks, chief executive of Inland Homes, said: “This is our fifth MOD transaction and the largest to date. We have an excellent track record in the early delivery of homes on sites such as this, a significant proportion of which will be affordable, which is particularly important in London boroughs like Hounslow. “It is a testament to our long and successful track record in brownfield development that our investors have the confidence to commit significant sums to these projects, particularly in the current challenging economic climate.” Avison Young advised the DIO on the deal. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette