Inland Homes has formed a new joint venture (JV) with Anderson Group to build 95 new houses at Europa Way.
The development, valued at £16 million, follows on from another JV project already underway at Basildon in Essex. A total of 43 units are being developed by Anderson at Gardiners Lane.
The JV partnership was announced by Inland alongside a number of other operational updates today, 02 January.
In December, the company completed the sale of 146 plots in Birmingham to Crest Nicholson following receipt of planning consent. An additional contract has also been conditionally exchanged with the developer for the sale of a further 87 plots on an adjoining piece of land.
A private investor has also purchased a brownfield site in Uxbridge, Middlesex. The site comprises of 58 plots and has permission for around 750 sq m of commercial space. Inland Partnerships expects to carry out the construction works on the site. The combined value of both these disposals is £12.7m.
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Elsewhere, Inland Homes plans to build 40 new homes after purchasing a 0.75-acre brownfield site in Maidenhead, Berkshire. In addition, a new site has been secured at Barnet Lane, Elstree, near Watford in Hertfordshire, which could accommodate approximately 50 homes. The deal was completed in line with the Company's objective of increasing the size of its strategic land bank and a further four strategic land options are currently in solicitor's hands.
Inland's wholly owned subsidiary dedicated to delivering residential units for housing associations and other residential landlords, Inland Partnerships, has also entered into a £29.5m contract to build 136 units for Affinity Sutton Housing Association at Abbey Wharf in Alperton, in the London Borough of Brent.
The division currently has contracts worth approximately £41.5m and following further planned land sales, expects to secure construction contracts of approximately £25m in the second half of the financial year.
Chief Executive Stephen Wicks said the Group is "well placed" to achieve further significant growth in 2018.
"We have had an extremely productive period, culminating in a number of profitable land sales and a growing order book for Inland Partnerships, our new business principally dedicated to delivering residential units for housing associations and other residential landlords such as PRS funds or Local Authorities.
"Our housebuilding programme is at a record level, with over 500 homes currently under construction and a healthy pipeline of new development projects in place for the coming months, supporting our positive outlook."
(LM/MH)
