Brownfield developer Inland Homes has agreed terms with Homes England for a £200 million (€230 million/$250 million) development in Basildon, U.K.
The agreement, which is the culmination of a number of years work by the group, allows for the development of more than 600 homes, employment and community facilities currently owned by Homes England, as well as a site for a new school in Basildon.
Inland Homes has paid an initial consideration of £100,000 (€115,000/$125,000) on signing the agreement, which is conditional on obtaining planning consent for the scheme, which already has a draft planning allocation for development. Under the agreement, Inland Homes will acquire land on a phased basis from Homes England once a viable planning consent has been secured. The 54-acre site will have a gross development value in the order of £200 million (€230 million/$250 million).
The group, in a separate joint venture, has already built and sold 43 homes on an adjac
