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Patchworks in Walthamstow is a prime example of our asset management skill set in practice, demonstrating how this area of the business delivers value to both the scheme investors and the Group.
It is the most progressed scheme within our asset management division, with planning consent delivered, land sale achieved and construction of the homes, through the Group’s partnership contract division, underway.
Patchworks lies in the London Borough of Waltham Forest, considered one of the most ambitious and pro-development Boroughs in London. The Borough has plans to deliver 18,000 new homes in the next decade, alongside a vision to regenerate their historic Town Hall campus, masterplans for Lea Bridge and Leyton and the provision of new sporting facilities, social infrastructure and green space. Our estimates placed the gross development value of Patchworks at approximately £265m.
Net fees generated over life of the contract
Fees received as project milestones achieved
Partnership housing contracts awarded
London BTR and Newlon Housing Trust
583 new homes
2025 completion date
Asset management investors benefit from our experience and expertise in navigating the planning system to achieve planning consent. Our planning application sought approval for a residentially led development of 583 new homes, including 174 affordable homes. Our plans, which had been developed in close consultation with the Borough, were approved in February 2021. This was efficiently followed by the signing of the Section 106 agreement in April 2021.
On receipt of planning consent, we provide investors with access to the various site disposal options and facilitate this process to maximise returns on the project. As well as triggering fees for Inland, the disposal gives an opportunity to secure a construction contract for Inland Partnerships to build the homes, generating ongoing revenue and cash flow for the Group. In June 2021, we were delighted for contracts to be exchanged with London BTR Investments (London BTR) for 355 plots within the site, with 173 of these completing in September 2021. We also secured the sale of the remaining 228 plots to leading housing association Newlon Housing Trust (Newlon) in September 2021 also, with 72 plots exchanged and completed simultaneously and the remainder to complete in early 2022. Combined, these land sales will achieve £50.1m for the project investors. Importantly for Inland, both sales generated separate construction contracts, Inland Partnerships’ largest to date with London BTR at £88.9m. The contract with Newlon secured a further £42.4m to the Group’s partnership housing forward order book. These contracts will deliver ongoing revenue for the Group throughout construction, adding further value to the Group. Inland Partnerships began construction of the homes at Patchworks in September 2021 and we anticipate the build will complete in 2025.