9 March 2023
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, is pleased to report its joint venture, Cheshunt Lakeside Developments Limited has received detailed consent for a further phase at Cheshunt Lakeside, Hertfordshire with a further 51 homes on the site, subject to the Section 106 Agreement being varied.
The consent continues on from the original outline planning resolution for the Cheshunt Lakeside site, as announced on 26 June 2019, which is the largest ever consent secured by Inland Homes.
The Cheshunt Lakeside original masterplan and outline planning consent 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 853 residential plots and 4,905 sqm of commercial and educational space within the masterplan area. Inland Homes is the lead developer on the broader masterplan, which it is working with the council to deliver.
The detailed consent for this phase delivers a total of 425 homes including 51 extra much needed homes to the development masterplan, as such the masterplan will now deliver 1,776 new homes overall, of which 904 are controlled by Inland and its joint venture partner. This phase of development also delivers the new local centre for the development including 2,400 sqm of commercial space, a landscaped public square and key highways infrastructure.
Inland continues to deliver regeneration for the local area with 195 homes already sold to B3 Living on Phase 1A of the development on track for completion in March 2023 and 205 homes sold on Phase 1B to be delivered to a Build to Rent fund by late 2024.
Nish Malde, Group Finance Director, commented:
"The Group's joint venture Cheshunt Lakeside Developments Limited is transforming this former industrial brownfield site into a thriving residential and business community of which we can all be proud."
For further information, please contact:
Inland Homes plc Tel: 44 (0)1494 762450
Nishith Malde, Chief Financial Officer
Panmure Gordon (UK) Limited (NOMAD and broker to the Group) Tel: 44 (0)20 7886 2500
Dominic Morley / James Sinclair-Ford (Corporate Advisory)
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").