The properties – 98 for affordable rent and 82 for shared ownership – will be delivered by B3 Living alongside 15 homes for market sale, during the first phase of Inland Homes’ major redevelopment of the former Tesco HQ site.
Construction will begin in November with completions earmarked for 2023.
B3living’s chief executive, Steve Woodcock, said: “This project is a real milestone for B3Living. This will be our largest project to date and represents significant growth for our size.
“This development will also transform the local area and local lives. In our borough, we see many people who can’t afford to buy outright or pay private sector rents, so homes like these are desperately needed.”
Plans for the wider Cheshunt Lakeside development include approximately 1,700 new homes in total alongside commercial space, community facilities and a new school.
Stephen Wicks, chief executive of Inland Homes said: “Cheshunt Lakeside is a key site for us and this is a significant step forward in delivering one of the largest brownfield developments in the south-east.
“We are pleased to be working with B3Living on this first phase to transform the site into a thriving residential and business community to address the demand for high-quality, affordable homes in the area.”
The land and development agreement, which was negotiated during the lockdown period, is the first deal between B3Living and Inland Homes.
Jon Hayden, executive director (development) for B3Living, said: “Despite the challenges of lockdown, we are glad to have kept up the momentum of our development programme and are excited to be working with Inland Homes.”