Beaufort is delighted to announce the completion of a facility with AIM-listed Inland Homes plc, for the first phase of a significant mixed-use development in Cheshunt, Hertfordshire.
The entire site, situated adjacent to Cheshunt station, and which includes the former Tesco HQ, will deliver 1,725 new homes, including a minimum of 185 affordable homes, along with approximately 200,000 sqft of commercial space and a two-form entry primary school. The projected GDV of the completed project is forecast to be around £620m.
Inland Homes is a leading brownfield developer, housebuilder and partnership housing company with a focus on the south and southeast of England. It currently has a land bank of 7,796 plots with a GDV in excess of £2bn.
Mark Quigley, Managing Director at Beaufort Capital, said, “We are delighted to have closed this transaction with Inland Homes plc.
“Inland has worked up a number of excellent planning permissions on land which it has assembled over many years and will be developing thousands of residential homes and accompanying communal space.
“It is extremely pleasing that Beaufort will be part of Inland’s future as we explore further development funding opportunities together.”
Stephen Wicks, Chief Executive, Inland Homes plc said “I am delighted to have completed this deal with Beaufort and was particularly impressed that the team was able to meet such a challenging deadline.
“The facility has enabled us to acquire our original joint venture partner’s 50% interest in Cheshunt Lakeside Developments Limited and enter into a beneficial arrangement with a new partner that will enable Inland to receive the majority of the development profits
from this site.
“This is a significant step forward in the delivery of this project, which will see the site transformed into a new urban village of 1,725 homes and more than 19,000 sqm of commercial space across a scheme with a total GDV of c. £620m.”