Residential infrastructure firm Henley Camland has bought a significant portion of Eastern Quarry residential scheme, Ebbsfleet, from Land Securities.
The garden city has outline planning permission for up to 6,250 homes and is comprised of three main ‘villages’ situated across 500 acres of former quarry land.
Following completion of all placemaking and serviced land works, Eastern Quarry is anticipated to have a projected sale value for all residential units of around £1.5bn.
Henley Camland has acquired the two additional villages at Eastern Quarry, which have capacity for a further 4,700 homes. The sale will complete when minor amendments to the existing planning consent are achieved.
Camland will be investing around £200m and will be carrying out significant infrastructure works, including levelling former quarry land, developing roads and creating a new lake.
The deal represents a significant first acquisition for Henley Camland, which was formed as a joint venture in June 2015.
In addition to developing the balance, Camland will continue to provide the placemaking and infrastructure delivery support to Land Securities at Castle Hill, in the advisory role they have had since 2012.
Ian Rickwood, chief executive of Henley, said: “This landmark first acquisition is a real statement of our intent and paves the way for us to work towards our long-term goal of creating 20,000 lots across the UK and contributing in the effort to help fix Britain’s chronic housing shortage.”
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