AIM-listed housebuilder Inland Homes has struck a development agreement with Homes England for a £200m, 54-acre site in Basildon, Essex.
The deal will set up the development of more than 600 homes, employment and community facilities owned by Homes England as well as a site for a new school.
Inland Homes paid an initial consideration of £100,000. The agreement hinges on receiving planning consent for the scheme, which has a draft planning allocation for development, and will see Inland Homes acquire the land on a phased basis.
Inland Homes has already built and sold 43 homes on an adjacent project and is nearing completion of its second phase of 33 homes.
Chief executive Stephen Wicks said: “This is an example of the tenacity of the Inland team in structuring complex transactions and delivering housing supply. The project involves the relocation of a number of sporting facilities to new locations within Basildon as well as major infrastructure works.”
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