Inland Homes has exchanged contracts to acquire a major development site in Dagenham, East London, which has an anticipated gross development value of circa £95m.
The four acre brownfield site, has existing planning consent for 325 homes and 1,600 sqm of commercial space and was previously part of the former Ford manufacturing plant. It lies within the London Riverside Opportunity Area.
Stephen Wicks, CEO of Inland Homes, said: “This is a significant acquisition for Inland Homes of a prime development opportunity in East London. Dagenham has some of the most affordable house prices out of all the London boroughs and this site will increase the provision of good quality, competitively priced homes, in an area benefitting from fast connectivity into Central London.
“The opportunity fits in well with our strategy of providing lower cost homes in areas of high demand.”
Inland Homes is in negotiations to deliver the homes in a joint venture with a top five housing association, with 116 homes intended as affordable housing and the remaining 209 units sold on the open market.
Completion of the purchase of the site is expected in March 2019.