Inland Homes has bought the former Tesco HQ in Cheshunt, Hertfordshire as part of a residential-led regeneration scheme.
It has entered into a joint venture with a third party to buys a 13-acre site that includes the former supermarket headquarters. The acquisition is expected to complete in August.
The site sits within a wider 20-acre scheme that is expected to be selected as the location for a new urban village of up to 1,000 homes.
Each party is providing £5m in equity for the purchase, with the balance financed through a bank loan.
Stephen Wicks, chief executive of Inland Homes, said “In the two weeks since the referendum vote, we have continued to see the same level of appetite from potential purchasers for our homes, which are at the more affordable end of the housing spectrum and are supported by strong fundamentals such as the current low interest rates and the Help to Buy scheme.”
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