Inland Homes (“Inland Homes” “the Group” or “the Company”), the leading brownfield developer, housebuilder and partnership housing company with a focus on the south and south-east of England, has signed a contract with Octavia Housing (“Octavia”), a leading provider of affordable housing, for the development of Afrex House, in Alperton, north-west London.
The development of this former light industrial site into 31 one, two and three-bedroom apartments will support the broader regeneration of the Alperton area, with the site falling within the wider Alperton Growth Area and one of the Greater London Authority’s allocated Housing Zones.
Inland Homes secured planning consent on behalf of investors as part of its asset management activities in March 2019 and has now entered into a £6.5m build contract with the affordable housing provider. Inland Partnerships, the Group’s fastest growing business, will deliver the build of this development, with demolition of the existing buildings on site scheduled to commence in April 2020, and completion scheduled for July 2022.
In line with the Group’s strategic priorities, Inland Partnerships more than tripled the number of homes under construction on behalf of partners in its last financial period. As at 30 September 2019, the Group had 892 private and 921 partnership homes under construction. Partnership transactions accelerate revenue and provides the Group with monthly cash flow that provides a balance to open market housebuilding.
Stephen Wicks, CEO of Inland Homes commented: “Inland Homes has proven credentials in the delivery of turn-key schemes on behalf of partners and this contract, our second with Octavia, is evidence of the sustained demand from industry for these types of schemes – and its confidence in our ability to deliver.
“Our expertise and experience will ensure the commercial viability of this scheme and its success in meeting both local needs and the Borough’s aspirations.”
Dave Woods, Development Director at Octavia, said: “As a not-for-profit housing provider Octavia is pleased to be working with Inland Homes again, this time on a scheme which will deliver much-needed new affordable homes for rent and shared ownership at an attractive canal-side location in Alperton, an area which is currently undergoing major regeneration.
“Octavia believes in supporting mixed communities in London and in enabling people on lower or average incomes to continue to live close to where they work or have social ties. These homes support this ambition through helping the London Borough of Brent to meet some of their housing needs.”