Inland Homes has announced that its asset management division has agreed to acquire and develop the Hounslow Cavalry Barracks site, one of the largest brownfield sites in London.
The 36.7 acre Cavalry Barracks featured in both the 2019 and 2020 Capital West London opportunities pack, a way of connecting developers to investment opportunities in the sub-region.
Inland’s asset management division procures sites on behalf of, and provides planning and management services to, investors in the property sector. The Group typically enters into a planning and management services agreement with the investors which includes procuring the opportunity to acquire brownfield land, managing the planning process and proposing a disposal plan for the consented site.
The site is being acquired from the Defence Infrastructure Organisation (DIO) who manage the assets of the Ministry of Defence (MOD) with completion being subject to vacant possession and anticipated to be in August 2021. Inland Homes says it expects to make a planning application for a residentially led mixed use scheme of over 1,000 homes within the next six months. Inland say they expect a gross development value (GDV) in the region of £600m.
It is currently the home of the Irish Guards who are relocating to Aldershot. The site comprises over 37 acres of land and includes 14 Grade II listed buildings and 19 locally listed buildings together with over 439 existing homes. The entire site is allocated for a major mixed-use development via a development brief adopted by the London Borough of Hounslow.
Commenting on the transaction, Inland Chief Executive said: “This is our fifth MOD transaction and the largest to date. We have an excellent track record in the early delivery of homes on sites such as this, a significant proportion of which will be affordable, which is particularly important in London Boroughs like Hounslow.”
Other MOD sites in the current Capital West London opportunities pack include the Army Reserve Depot in Chipping Barnet, and MOD Feltham.