Inland Homes gets planning permission for Cavalry Barracks

14th Oct 2022 13:07

(Sharecast News) - Housebuilder and regeneration specialist Inland Homes announced on Friday that its asset management division has received, on behalf of a third-party project investor, a resolution to grant planning permission at Cavalry Barracks in West Hounslow for a mixed-use development of 1,525 homes and 2,700 square metres of commercial space.

The AIM-traded firm said the Cavalry Barracks was its fifth transaction with the Ministry of Defence and its largest to date, with an estimated gross development value in the region of £600m.

It identified the site in 2020 and, following "close consultation" with the London Borough of Hounslow, submitted the planning application in March last year.

Under the asset management model, in return for its land and planning expertise and the management of the project, the group had, to date, accrued fees at achieved project milestones of £19.5m.

The company said it was continuing to act on behalf of the project investors to finalise the terms of the section 106 agreement, which was expected to be signed within the next few months, and then support the investor through the site disposal plan, which would crystallise the value and facilitate the payment of the fees earned by the group.

It said the former Ministry of Defence site was one of the largest remaining undeveloped brownfield sites in London at 36.7 acres, and with "excellent" public transport links to nearby Heathrow Airport and central London, the site location was described as strategically important.

The redevelopment of the Cavalry Barracks would support the London Borough of Hounslow in serving the demand for and delivering much-needed, additional, low-cost housing and the ongoing regeneration of the area.

As part of the approved plans, 14 Grade II-listed and nine locally-listed buildings would be retained, and 10.6 acres of open space provided.

The commercial space would support a variety of uses including shops, cafes, workspace and community uses, the board said.

"The historical significance, location and scale of the Cavalry Barracks make this an exceptional brownfield site and we are delighted to have worked with the London Borough of Hounslow to have secured a resolution to grant planning permission on behalf of the project's investor," said interim chief executive officer Nish Malde.

"We look forward to finalising the terms of the section 106 as quickly as possible so that the next phase of the Cavalry Barracks' story can begin."

At 1237 BST, shares in Inland Homes were up 6.67% at 20p.

Reporting by Josh White at Sharecast.com.