Brownfield regeneration specialist Inland Homes has submitted an outline planning application at Cheshunt Lakeside in Broxbourne, Hertfordshire, for 1,853 homes and 190,000 sq ft of commercial, retail, community, leisure and education space.
As majority landowner of the 30-acre site, which has a GDV of around £650m, the plans represent Inland Homes’ most ambitious project to date and one of the largest being planning in the London fringes.
Inland Homes’ design and master planning of the site, which is key part of Broxbourne Borough Council’s draft submission Local Plan, aims to deliver new homes across a range of different sizes and tenures, as well as jobs, commercial and community space, supported by quality local infrastructure and set in a landscaped park.
Crossrail connection
The site is located just outside the M25 to the north of London. It is 27 minutes from Liverpool Street station by train and 51 minutes from Cambridge. Crossrail 2 will arrive in 2030, and Lee Valley Regional Park, a 10,000-acre park green, lies adjacent to the development.
The outline application includes the delivery of a two-form primary school, community space and a number of infrastructure improvements, including a bus connection to Cheshunt Rail Station and new pedestrian, cycle, public transport and vehicular routes.
Inland Homes acquired the original 13-acre site, which included Tesco’s former HQ, through a 50/50 joint venture with a third party in July 2016 and has since assumed control of a number of additional parcels of land which form part of this application.
Stephen Wicks, chief executive officer of Inland Homes, said: “This is a major milestone for Inland Homes, at what will be one of the South East’s major regeneration schemes.
“Driver of growth”
“The potential social and economic benefits of this scheme are huge, and at a time when the government is looking for solutions to solve the shortage of affordable housing, we are pleased to be able to work alongside Broxbourne Borough Council to deliver this scheme. For our shareholders, we expect Cheshunt Lakeside to be a strong driver of capital and income growth.”
In the six months to 31 December 2017, the housebuilder reported a 13.6% increase in net asset value to £134.7m.
During the period it also completed the sale of 338 residential plots and 96 private homes at an average sales price of £322,000, generating sales profits of £7.4m, compared with £5.7m a year earlier.
The group also posted an 87.9% increase in revenues to £61.2m, up from £32.6m in 2016.
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