The transaction – the largest land disposal by value undertaken by the specialist brownfield land developer and housebuilder – was for a total land and build consideration of £94.7m, with the land consideration at £29.7m payable upon completion.
The development will be carried out by Inland Partnerships on behalf of A2 Dominion.
The land sale is expected to be completed by the end of June, while construction has already commenced on the 10-acre town centre site.
The development – which is estimated to take four years to complete – will comprise 357 high-quality, one- to five-storey homes and 619m2 of commercial space and the provision of 442 m2 of educational space.
Stephen Wicks, CEO at Inland Homes, said that this was a major step forward for Inland.
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“Not only is it the largest land sale in the group’s history, but it also represents a major build contract for Inland Partnerships, which now has a forward order book of approximately £100m.
“These transactions allow us to recognise land profits, while also securing self-funding, cash positive construction contracts that provide a balance to open market speculative housebuilding.
“Inland currently has 550 homes under construction for private sale and this latest partnership contract brings the total number of homes being built for housing associations – a growing customer base for us – to over 500.
“This deal – together with our pipeline and the supportive market backdrop – gives us confidence that within two years the Inland Group will complete the construction of over 1,000 residential homes per annum.”