Construction Loans News:-The Cheshunt Lakeside development to build 1,725 homes on the former Hertfordshire headquarters of supermarket chain Tesco gained planning consent this week, August 5.
Broxbourne borough council granted permission for the £620m scheme following the signing of a section 106 agreement with brown field developers Inland Homes.
The company’s chief executive, Stephen Wicks, said the news was an indicator of effective collaborative work with local councils.
“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.”
Inland Homes is to create a new urban village of 1,725 homes on the 30-acre site around Delamare Road which will also include 19,000 sq ms of commercial space and a new primary school.
Village in key commuter location
Brokers Hank Zarihs Associates said development finance lenders would be particularly interested in offering best construction loans for a scheme in a prime London commuter spot close to the local railway station.
Construction Loans:- HZA
The development will include upgraded public infrastructure and community facilities worth more than £14m, including affordable housing, a new road and bus route, and upgrades to Cheshunt railway station.
It is estimated the scheme will create 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.