Inland Homes has exchanged contracts for the sale of its Merrielands Crescent site in Dagenham, East London with housing association, Clarion Housing Group
The transaction is for a total land and build consideration of £77.7m, with the land being sold for £14m payable on completion. Inland Partnerships, the construction arm of the group, will undertake the development phase of Merrielands Crescent on behalf of Clarion, which is expected to take approximately three years.
The development of the four-acre Merrielands Crescent site will comprise 325 residential units across a number of five to ten storeys apartment blocks, together with 1,514 sq m of commercial space, 178 car parking spaces and associated amenity area.
The site is in the heart of a major East London regeneration zone and is already leading to other potential similar opportunities in the area.
Stephen Wicks, CEO of Inland Homes said: “This is an important transaction for Inland and a significant build contract for our fast-growing Partnerships business.
“This contract further evidences our high-quality land holdings and demand for our turnkey proposition as we complete our transition from a business that was predominantly focused on land trading to a business predicated on delivering our stated medium-term target of 1,000 homes per annum.”
