Henley Camland strikes major deal with Land Securities for part of the Ebbsfleet Eastern Quarry garden city.
Private equity firm Henley has bought a major component of the Ebbsfleet scheme, one of the UK’s largest residential schemes, from Land Securities.
Fresh from selling more than 500 plots to Taylor Wimpey yesterday, Land Securities has today revealed another deal, selling two “village” sites at the Eastern Quarry, which have capacity for around 4,700 homes, to residential infrastructure and placemaking firm Henley Camland.
The sale will complete when “minor improving amendments to the existing planning consent are achieved”.
The Eastern Quarry has outline planning permission for up to 6,250 residential units across 500 acres of former quarry land. The site has a projected sale value for all residential units of around £1.5bn. Chancellor George Osborne has tipped the scheme, near Dartford in Kent, to become the next Garden City.
Henley Camland was formed as a joint venture between Henley and Camland Projects in June 2015, and this marks its first major acquisition. It will now invest around £200m to carry out significant infrastructure works on the remainder of the quarry, as well as delivering retail, leisure and community facilities, including two primary schools and a secondary school.
Henley chief executive Ian Rickwood said:
“This landmark first acquisition is a real statement of our intent and paves the way for us to work towards our long term goal of creating 20,000 lots across the UK and contributing in the effort to help fix Britain’s chronic housing shortage.
“With Camland having worked in an advisory role for the last four years at Eastern Quarry, we have complete confidence in the site’s potential and look forward to building on the good work that Land Securities has already carried out.”
26th April 2016 | Article by Catherine Neilan – CityA.M.
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