The 54-acre site will have a gross development value of around £200 million.
Once viable planning consent has been secured, Inland will acquire land on a phased basis from Homes England. Upon signing the agreement, Inland has paid an initial consideration of £100,000 on condition of obtaining planning consent for the scheme, which already has a draft planning allocation for development.
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.
“We look forward to working alongside Homes England and submitting an early planning application for the comprehensive redevelopment of this important site.”
- Homes England has acquired 19 sites in its last financial year worth £180 million with the capacity to deliver 5,000 new homes.
The government housing agency said that several “major acquisitions” were completed close to its financial year-end, “demonstrating how the agency is taking a long term view of housing demand in the context of the Covid-19 pandemic and continuing to develop a strong pipeline of projects to support the recovery of the housebuilding sector”.
The recently acquired sites include the 37-hectare Panshanger Aerodrome in Welwyn Garden City with the capacity for 815 homes, and a 2.5-hectare parcel of land in Digbeth acquired from Birmingham City Council.
