Henley Camland, part of the Henley private equity group, has agreed to purchase a significant portion of Eastern Quarry, Ebbsfleet, one of the UK's largest residential schemes, from Land Securities.

Eastern Quarry has outline planning permission for up to 6,250 residential units and is comprised of three main 'villages' situated across 500 acres of former quarry land. Following completion of all placemaking and serviced land works, Eastern Quarry is anticipated to have a projected sale value for all residential units of around £1.5 billion.

Henley Camland has acquired the two additional villages at Eastern Quarry, which have capacity for a further 4,700 homes.

Ian Rickwood, CEO of Henley, said: "This landmark first acquisition is a real statement of our intent and paves the way for us to work towards our long term goal of creating 20,000 lots across the UK and contributing in the effort to help fix Britain's chronic housing shortage.

With Camland having worked in an advisory role for the last four years at Eastern Quarry, we have complete confidence in the site's potential and look forward to building on the good work that Land Securities has already carried out."

Land Securities has already agreed contracts with a raft of housebuilders including Ward Homes, Persimmon, Charles Church, David Wilson and Taylor Wimpey at the site taking the total number of committed homes to 1,550 of which 375 are affordable.