INL.L Regulatory News (INL)

5 August 2019

Inland Homes plc

Planning consent granted at Cheshunt Lakeside

Inland Homes (AIM: INL) ("Inland Homes" or the "Company"), the leading brownfield developer, housebuilder and partnership housing company with a focus on the South and South East of England, has received planning consent at Cheshunt Lakeside, Hertfordshire, further to the signing of a Section 106 agreement.

The consent follows planning resolution for the Cheshunt Lakeside site, as announced on 26 June 2019, and is the largest ever consent secured by Inland Homes.

The Cheshunt Lakeside masterplan will create a new "urban village" comprising 1,725 homes, 19,000 sqm of commercial space together with the provision for a new primary school. Inland Homes, together with its equal joint venture partner, owns and controls 1,253 residential plots and 4,905 sqm of commercial and educational space within the masterplan area with an estimated gross development value of £620m. Inland Homes is the lead developer on the broader masterplan, which it is working with the council to deliver. 

Following the change to the Company's accounting reference date and financial year end to 30 September 2019, as announced on 6 June 2019, the consent falls within the current financial period and will ensure the value resulting from the significant planning decisions at Cheshunt Lakeside and across its wider portfolio is adequately captured.

Under the terms of the Section 106 agreement, the development will provide more than £14m in planning contributions for new and upgraded public infrastructure and community facilities that will support the "urban village" masterplan vision. This includes a new primary school, affordable housing, contributions towards secondary schools and improved transport links, including a new road, bus route and upgrades to Cheshunt railway station. The development will also generate up to 1,150 jobs on site in addition to 250 construction jobs and 30 apprenticeships, helping boost the local economy by up to £16m a year through increased business activity.

Inland Homes will submit its first reserved matters application for the delivery of 195 units in autumn 2019. Demolition of the existing buildings on site, including the former Tesco headquarters will begin before the end of the calendar year.

Stephen Wicks, Chief Executive, commented:

"The short time-frame in which we have been able to agree the terms of the Section 106 agreement for Cheshunt Lakeside is a clear indicator of Inland Homes' success in working collaboratively with local Councils to secure planning consent on complex sites.

"With the terms agreed, we are now eager to start construction and transform this former industrial site from its somewhat decrepit state into a thriving residential and business community of which we can all be proud."

ENDS

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Notes to Editors:

Incorporated in the UK in 2005, Inland Homes plc is an AIM listed specialist housebuilder and brownfield developer, dedicated to achieving excellence in sustainability and design.

Inland Homes acquires brownfield land in the South and South-East of England principally for residentially led development schemes. The business then enhances the land value by obtaining planning permission, before building open market and affordable homes or selling surplus consented land to other developers to generate cash.

The Company is committed to extensive public and community consultation in order to ensure that, where possible, local community needs and objectives are met.

Inland's aim is to create sustainable communities and homes which set a benchmark for all future developments in the South and South East of England. The Company is always looking for brownfield sites without planning permission for future development.

For further information, please visit the Inland Homes website at www.inlandhomes.co.uk.

Hugg Homes - www.hugghomes.co.uk

Rosewood Housing - www.rosewoodhousing.co.uk