Broxbourne-based housing association, B3living, has signed a £49m deal with house builder Inland Homes for 195 homes in southeast Hertfordshire.
These properties will form the first phase of Inland’s Homes’ major redevelopment of the former Tesco HQ site in Cheshunt.
Through the deal with B3Living, the site is set to deliver 180 affordable properties in addition to the S106 requirements for the development.
Steve Woodcock, chief executive of B3living, said: “This project represents a real milestone for B3Living. This will be our largest project to date and a significant growth for our size.
“This development will also transform the local area and local lives. In our borough, we see many people who can’t afford to buy outright or pay private sector rents, so homes like these are desperately needed.”
Construction will begin in November 2020 on 98 affordable rent, 82 shared ownership and 15 market sale homes, with completions earmarked for 2023.
B3Living owns and manages around 5,000 homes primarily within the Borough of Broxbourne in Hertfordshire, with over 1,500 existing properties in Cheshunt.
The Land and Development Agreement, which was negotiated during the lockdown period, is the first deal between B3Living and Inland Homes.
Stephen Wicks, chief executive of Inland Homes, said: “Cheshunt Lakeside is a key site for us and this is a significant step forward in delivering one of the largest brownfield developments in the south-east.
“We are pleased to be working with B3Living on this first phase to transform the site into a thriving residential and business community to address the demand for high-quality, affordable homes in the area.”
“Plans for the wider Cheshunt Lakeside development include approximately 1,700 new homes in total alongside commercial space, community facilities and a new school.”
This post has originally been featured in Property Wire.