Inland Homes’ asset management division has secured planning permission for a mixed-use development of 1,525 homes and approximately 2,700m2 of commercial space at Cavalry Barracks in Hounslow, West London, UK.
The project has received the approval on behalf of a third-party project investor.
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It is the group’s fifth transaction with the Defence Ministry and with an estimated gross development value of £600m in the region.
The group identified this location in 2020 and submitted the planning application in March 2021.
As per the asset management approach, Inland Homes has so far accrued fees at achieved project milestones of £19.5m, in exchange for its land and planning expertise and the management of the project, .
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The group, on behalf of the investors, expects to finalise the terms of the Section 106 agreement in the coming few months, following which it plans to support the investor via the site disposal plan, which will ‘crystallise’ the value and facilitate fees payment.
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By GlobalDataClaimed to be one of the biggest undeveloped brownfield sites in London, this previous 36.7-acre Defence Ministry site has public transport links to nearby Heathrow Airport and central London.
The redevelopment of the Cavalry Barracks will support the London Borough of Hounslow in meeting the demand for low-cost housing and its regenerating plans for the area.
The approved plans will see 14 Grade II listed and nine locally listed buildings being retained. It also features 10.6 acres of open space.
The commercial space will feature shops, cafes, workspace and enable other community uses.
Inland Homes interim chief executive officer Nish Malde 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.”
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Image: The scheme will feature 1,525 homes. Credit: Michal Jarmoluk from Pixabay.
