LONDON (Alliance News) - Inland Homes PLC on Tuesday said it has exchanged contracts for the sale and development of the Merrielands Crescent site in Dagenham, East London with Clarion Housing Group.
The land development company said the transaction is worth GBP77.7 million, with the land being sold for GBP14.0 million.
Inland Partnerships, the "fast-growing" construction arm of the company, will undertake the development phase on behalf of Clarion, which is expected to take three years.
The development of the four-acre site will include 325 residential units across five-to-ten storey apartment blocks, together with 1,514 square metres of commercial space, 178 car parking spaces and an associated amenity area.
Inland Homes now has a "record" forward order book of over GBP145 million in its Partnership division.
Overall, Inland Homes currently has 1,455 homes under construction for private sale and this latest partnership contract brings the total number of homes being built for housing associations to over 800.
"This is an important transaction for Inland and a significant build contract for our fast-growing Partnerships business," said Chief Executive Stephen Wicks.
"This contract further evidences our high-quality land holdings and demand for our turnkey proposition as we complete our transition from a business that was predominantly focused on land trading to a business predicated on delivering our stated medium-term target of 1,000 homes per annum," added Wicks.
Inland Homes shares were trading 1.3% higher on Tuesday at 61.30 pence each.