Local authority acquires last phase of Inland Homes development

Inland Homes, a listed brownfield developer, housebuilder and regeneration specialist focused on the South and South East of England, has agreed to sell the final phase of its Carters Quay development in Poole to Bournemouth, Christchurch and Poole (BCP) Council.The Carters Quay development is located on the former Pilkington Tile Factory. Inland Homes worked with the local council on a long-term basis to regenerate an old unused industrial site to create new homes and commercial space. To date, Inland Homes has completed three phases of the development, which have provided 165 homes.The last phase of the development will provide 161 new homes and 8,000 sq ft of commercial space. Inland Homes has received a deposit, together with an advance payment of £8.25m, which will provide a further reduction in its borrowings.The contract is for a total consideration of £43.5m over the next 36 months or so, with monthly stage payments being made to Inland Homes as the project progresses.Inland Partnerships will construct the new homes on BCP’s behalf and transfer the land and buildings and recognise the income from this phase when the project is complete. The site is ready for construction and piling works are set to commence in April 2022. Build completion is anticipated by the end of 2024.