Inland Homes has secured planning permission for a 1,725-home development in Hertfordshire.
The planned Cheshunt Lakeside development has an estimated gross development value of £620m, and aims to create a new “urban village” that will also contain 19,000 square metres of commercial space and a new primary school.
Planning permission was granted by Broxbourne Borough Council following the signing of a Section 106 agreement. The development will include upgraded public infrastructure and community facilities worth over £14m, including affordable housing, a new road and bus route, and upgrades to Cheshunt railway station.
It is estimated the development will generate up to 1,150 jobs on-site in addition to 250 construction jobs, helping to boost the local economy by up to £16m per year.
Demolition of existing buildings on-site, including the former Tesco headquarters, is due to begin before the end of the year. Inland Homes will submit its first reserved matters application for the delivery of 195 homes in the autumn.
The planning consent is the largest ever secured by Inland, which last year launched a for-profit housing association called Rosewood Housing.
In April, Stephen Wicks, Inland’s chief executive, told Inside Housing that Inland Homes was seeking new investors for its housing association arm to help it pursue its strategy of buying Section 106 homes.
Mr Wicks said: “The short time frame in which we have been able to agree the terms of the Section 106 agreement for Cheshunt Lakeside is a clear indicator of Inland Homes’ success in working collaboratively with local councils to secure planning consent on complex sites.
“With the terms agreed, we are now eager to start construction and transform this former industrial site from its somewhat-decrepit state into a thriving residential and business community of which we can all be proud.”