UK housebuilder Inland Homes has bought a site in East London for a £95m (€105.2m) development.

The AIM-listed company said it has acquired the four acre brownfield site, previously part of the former Ford manufacturing plant, in Dagenham.

The site has existing planning consent for 325 homes and 1,600sqm of commercial space.

Inland Homes said it is in talks to deliver the homes in a joint venture with a housing association, with 116 homes intended as affordable housing and the remaining 209 units sold on the open market.

The acquisition is expected to be completed in March next year, with construction of the first units due to commence in the summer.

Stephen Wicks, the CEO of Inland Homes, said: “The opportunity fits in well with our strategy of providing lower cost homes in areas of high demand.

“At the same time the proposed joint venture with a major housing association will provide Inland Partnerships with a significant new build contract opportunity, adding to our existing forward order book of nearly £100m.”