We are delighted to announce that Inland Homes has achieved our largest ever planning consent at Cheshunt Lakeside, Hertfordshire, further to the signing of a Section 106 agreement.
The Cheshunt Lakeside masterplan will create a new “urban village” comprising 1,725 homes, 19,000 sqm of commercial space together with the provision for a new primary school. Together with our joint venture partner, Inland Homes owns and controls 1,253 residential plots and 4,905 sqm of commercial and educational space within the masterplan area with an estimated gross development value of £620m. Inland Homes is the lead developer on the broader masterplan, which we are working with the council to deliver.
The development will provide more than £14m in planning contributions for new and upgraded public infrastructure and community facilities that will support the “urban village” masterplan vision. This includes a new primary school, affordable housing, contributions towards secondary schools and improved transport links, including a new road, bus route and upgrades to Cheshunt railway station. The development will also generate up to 1,150 jobs on site in addition to 250 construction jobs and 30 apprenticeships, helping boost the local economy by up to £16m a year through increased business activity.
We will submit the first reserved matters application for the delivery of 195 units in autumn 2019. Demolition of the existing buildings on site, including the former Tesco headquarters will begin before the end of the calendar year.