Specialist brownfield land developer Inland Homes has entered into a £94.7m (€107.9m) contract with A2 Dominion to sell and develop a 10-acre development site in south-east England.
Inland Homes said it sold its Brooklands College site in Ashford, Middlesex, to the UK housing association for £29.7m. The total land and build cost will amount to £94.7m.
Inland’s construction arm Inland Partnerships will undertake the development phase on behalf of A2 Dominion. Construction work has already commenced and work is expected to take four years, it said.
The development will comprise 357 one-to-five storey homes, 619sqm of commercial space and the provision of 442sqm of educational space, together with public open space, associated car parking and infrastructure upgrades.
As part of the deal, the 619sqm of commercial space will be transferred back to Inland for a nominal sum once construction is complete.
Stephen Wicks, the CEO of Inland Homes, said: “Not only is it the largest land sale in the Group’s history, but it also represents a major build contract for Inland Partnerships, which now has a forward order book of approximately £100m.
“These transactions allow us to recognise land profits while also securing self-funding, cash positive construction contracts that provide a balance to open market speculative housebuilding.”