Hounslow’s cavalry barracks have been bought by a major brownfield developer who hopes to gain permission to build 1000 new homes on the 37-acre site.
Inland Homes plc’s asset management division has entered into agreements with the ministry of defense, MoD, to build on the site which has a gross development value of £600m.
Chief executive Stephen Wicks said: “It is a testament to our long and successful track record in brownfield development that our investors have the confidence to commit significant sums to these projects, particularly in the current challenging economic climate.”
The deal is expected to be completed by August 2021 once the Irish Guards leave and relocate to Aldershot. Inland Homes will then submit a planning application to build 1000 homes. Hounslow council allocated the site for a major mixed-use development on July 9th.
The council wants half of the new homes to be affordable and to be a wide mix of housing tenures. It would like the site to preserve its military heritage as well as offering new jobs, green spaces school places, health centers, and transport infrastructure for the wider locality.
Council Leader Steve Curran said: “The future re-development of the cavalry barracks provides a significant opportunity to deliver new private and affordable housing, community facilities and most importantly, the protection and enhancement of the listed buildings and historic environment.”
The site’s military heritage is strong
The site is in a conservation area and includes 14 grade II listed buildings and 19 locally listed buildings with over 439 existing homes.
Brokers Hank Zarihs Associates said property development lenders were keen to invest in Hounslow because of its proximity to Heathrow and the center of London. The current tube journey to Bond Street takes 35 minutes but will decrease to just 20 minutes once the new Crossrail line opens next year.
The cavalry barracks transaction will be Inland Homes’ fifth one and largest to date with the MoD. The developer has six live projects in London that have the potential for over 2,700 homes together with employment opportunities. These include 583 homes in Walthamstow, 405 in Barking, 514 in Hillingdon, and 210 in Staines.
Inland Homes plc is an AIM-listed specialist housebuilder and brownfield developer operating in the South and southeast principally for residentially led development schemes.
The business enhances the land value by obtaining planning permission, before building open market and affordable homes or selling surplus consented land to other developers to generate cash.