Residential infrastructure and placemaking firm, Henley Camland, part of the Henley private equity group, has agreed to purchase a significant portion of Eastern Quarry, Ebbsfleet, Kent, one of the UK’s largest residential schemes, from Land Securities. Redwood supported Henley Camland with the announcement, which achieved coverage in Daily Telegraph and City AM as well as the front page of Property Week.
An integral part of Ebbsfleet Garden City, Eastern Quarry has outline planning permission for up to 6,250 residential units and is comprised of three main ‘villages’ situated across 500 acres of former quarry land. Following completion of all placemaking and serviced land works, Eastern Quarry is anticipated to have a projected sale value for all residential units of around £1.5 billion.
Land Securities will retain ownership of Castle Hill which will provide 1,550 dwellings, together with 40 acres of land for leisure, commercial, employment and retail. Henley Camland has acquired the two additional villages at Eastern Quarry, which have capacity for a further 4,700 homes. The sale will complete when minor improving amendments to the existing planning consent are achieved.
The high profile Eastern Quarry scheme, which was identified by Chancellor George Osborne in 2014 as a site for a new garden city, forms an important part of the government’s aim to increase housebuilding and combat the UK’s housing crisis.
Henley Camland will now commence with delivering the necessary infrastructure to provide ready-to-build-on serviced land parcels for housebuilders in the remainder of the site, building on the commitment Land Securities has already made by developing serviced land at Castle Hill.
The deal represents a highly significant first acquisition for Henley Camland. Redwood also managed the announcement of the joint venture when it first formed in June 2015, coupling Henley’s financial strength and expertise with the placemaking, infrastructure delivery and land purchase knowledge of Camland Projects.
Henley Camland, which will be investing around £200 million, will be carrying out significant infrastructure works to the remainder of the Quarry, including levelling former quarry land, developing roads and creating a new lake. The firm will also be delivering a number of neighbourhood retail, leisure and community facilities, including two primary schools and a secondary school.
Camland will continue to provide the placemaking and infrastructure delivery support to Land Securities at Castle Hill, in the advisory role they have had since 2012.