Inland Homes exchanges contracts for Cheshunt Lakeside project

Brownfield developer and housebuilder Inland Homes has exchanged unconditional contracts to sell Phase 1a at its Cheshunt Lakeside project to local housing association B3Living.

Inland said on Monday that its joint venture, Cheshunt Lakeside, had agreed to sell Phase 1a of the Hertfordshire project for £15m - with payment in full on completion in September 2020.

The AIM-listed group also entered into a contract with B3Living to construct 195 apartments in this Phase in a deal worth £34.5m, with construction to commence in October 2020.

Elsewhere, Inland exchanged contracts for the forward sale of 24 apartments under construction at its Chapel Riverside development to a housing association for £4.5m.

Chief executive Stephen Wicks said: "These recent transactions, at attractive prices and in a difficult economic environment, are a testament to the high quality of Inland's assets.

"The new partnership housing contract with B3Living takes our forward order book in this division to over £100m."

As of 0930 BST, Inland shares were up 2.08% at 54.10p.