UK developer and housebuilder Inland Homes has sold its Brooklands College site in Ashford, Middlesex, England, to A2 Dominion, one of the largest housing associations in the UK.
The transaction, which is the biggest land disposal by value undertaken by the group to date, is for a total land and build consideration of £94.7 mln (€108 mln), with the land consideration being £29.7 mln in cash payable on completion.
Inland Partnerships, the construction arm of the group, will undertake the development phase on behalf of A2 Dominion.
Completion of the land sale is expected by the end of this month, while construction work has already commenced on the 10-acre, town centre site, situated near Heathrow Airport.
Expected to take four years, the development will comprise 357 high-quality, one-to-five storey homes, 619 m2 of commercial space and the provision of 442 m2 of educational space, together with public open space, associated car parking and infrastructure upgrades.
As part of the transaction, the 619 m2 of commercial space will be transferred back to Inland for a nominal sum once construction is complete.
Stephen Wicks, CEO of Inland Homes commented: '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 mln. 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.'