Inland Homes acquires residential development site in Dagenham
Housebuilder Inland Homes has exchanged contracts on a major residential development site in East London.
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Inland anticipates the four-acre brownfield site in Dagenham, where construction will begin in March 2019, to have a gross development value of roughly £95m.
The AIM-listed firm's new site was previously part of the former Ford manufacturing plant and lies within the London Riverside Opportunity Area, a 3,000-hectare major regeneration zone designated in the London Plan to deliver up to 26,500 homes and create 16,000 jobs across the boroughs of Barking and Dagenham.
Chief executive Stephen Wicks, said: "This is a significant acquisition for Inland Homes of a prime development opportunity in East London."
"The proposed joint venture with a major housing association will provide Inland Partnerships with a significant new build contract opportunity, adding to our existing forward order book of nearly £100m."
As of 0905 GMT, Inland shares had slipped 0.098% to 51.15p.