Inland Homes has entered into agreements for the acquisition and development of a 36.7-acre brownfield site at Cavalry Barracks
Inland Homes is in talks with the Defence Infrastructure Organisation (DIO) who manage the assets of the Ministry of Defence (MOD), to acquire brownfield land at Cavalry Barracks.
Residentially led, mixed-use scheme
Within the next six months, Inland Homes expects to apply for a planning application for a residentially led, mixed-use scheme at Cavalry Barracks which will include 1,000 homes.
The group will manage the planning and development process on behalf of the equity investors on this project and will be entitled to receive a significant share of the development profit.
The project has an estimated GDV of £600m.
Cavalry Barracks comprises over 37-acres of land and includes 14 Grade II listed buildings and 19 locally listed buildings together with over 439 existing residential accommodation units.
The entire site is allocated for a major mixed-use development via a development brief adopted by the London Borough of Hounslow.
Inland Homes chief executive, said: “This is our fifth MOD transaction and the largest to date. We have an excellent track record in the early delivery of homes on sites such as this, a significant proportion of which will be affordable, which is particularly important in London Boroughs like Hounslow.
“It is a testament to our long and successful track record in brownfield development that our investors have the confidence to commit significant sums to these projects, particularly in the current challenging economic climate.”
Barney Hillsdon, principal at Avison Young who acted on behalf of the DIO, added: “This is a fantastic result for both the DIO and Inland during a very difficult time in the market.
“The site will deliver much needed private and affordable homes for London and will offer a diverse range of product to the market due to the retained heritage buildings on the site.”
Subject to vacant possession, completion is anticipated to be in August 2021.