(Sharecast News) - Inland Homes on Tuesday acquired a 50% interest in joint-venture partner Cheshunt Lakeside Developments Limited that was held by CPC Group Limited.
The brownfield developer, housebuilder and partnership housing company also confirmed it had transferred a 50% equity interest in the acquisition to a new joint-venture partner for a consideration of £28.5m in cash payable on deferred terms, maintaining the off balance sheet nature of the project.
The AIM traded company said a planning application for reserved matters in respect of 195 initial homes at the Cheshunt site will be submitted shortly, with building set to commence in early 2020.
In the meantime, preparations for the development had begun, including the demolition of some buildings.
The target of the development was to create an "urban village" comprising 1,725 homes, 19,000 square metres of commercial space and provision for a new primary school.
Chief executive Stephen Wicks said: "Having secured the planning consent at Cheshunt Lakeside, we have now achieved another important step forward on this site by acquiring our original joint venture partner. We welcome our new partner with whom we have entered into a beneficial arrangement that will enable Inland to receive the majority of the development profits from this site."
Inland Homes shares were up by 2.50% at 78.62p at 1545 GMT.
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