The deal with Inland Homes, worth £95 million, sees A2 Dominion take ownership of the Brooklands College town centre site. The transaction is for a total land and build consideration of £94.7m, with the land consideration being £29.7m in cash payable on completion.
Construction work is already underway to build 357 homes at the site, along with 619 sq m of commercial space, 442 sq m of educational space, together with public open space, associated car parking and infrastructure upgrades. As part of the transaction, the commercial space will be transferred back to Inland for a nominal sum once construction is complete.
-- Advertisement --
The project is being delivered by Inland Homes' construction arm, Inland Partnerships, with work expected to take four years to complete.
Stephen Wicks, Chief Executive Officer of Inland Homes, said: "This is a major step forward for Inland. 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 £100 million.
"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."
(LM)
