Galliard Homes buys £620m resi scheme out of administration

Galliard Homes has acquired the £620m Cheshunt Lakeside scheme in Hertfordshire. The site was being marketed by administrators from Kroll, and was previously owned by Cheshunt Lakeside Developments, the company behind Inland Homes.  The development aims to deliver a total of 1,725 homes, including affordable housing, 204,514 sq ft of commercial space, and a primary school. Inland Homes received planning approval from Broxbourne Council for the site in 2019. The developer also received a mezzanine loan facility of £14.25m from Homes England available to 21 March 2024, with repayment due by 31 December 2026. However, Inland Homes subsequently entered administration in September 2023.  Rob Armstrong and Steven Muncaster of Kroll were appointed as joint administrators of Cheshunt Lakeside Developments in October 2023, with Benjamin Wiles replacing Steven Muncaster in September 2024.  The two subsidiaries of Cheshunt Lakeside, Delamare Estate (Cheshunt) and Emira Developments subsequently entered administration in November 2023. The administrators from Kroll said they have “since been working to reach an outcome with the aim of maximising returns for creditors”. Galliard Homes are now liaising with the local council to agree a development scheme.  Jen Harrison, director at Kroll Advisory, said: “We are delighted to reach an agreement for the sale of the Cheshunt Lakeside Development. The development represents a great residential and business opportunity and the sale to an established house builder in Galliard will ensure it is developed for the benefit of the local community.”