Work on the 583 home ‘Patchworks’ development on the old Homebase site in Walthamstow has been stopped for several days. It is unclear when or if it will resume.

By Marco Marcelline

Construction on the multi-million development off Forest Road in Walthamstow has ground to a sudden halt.

Tools have been downed at the ‘Patchworks’ development on Fulbourne Road in Walthamstow after the developer behind it, Inland Homes, fell into administration this week.

The development was given the green light by the council in March 2021. Inland Homes had planned to build 583 flats in eight blocks on what used to be the site of DIY store Homebase. The blocks range from four to 18 storeys tall. The development is earmarked for completion on March 2025. It is unclear what will happen to the future of the site.

Waltham Forest Council describes the development as “including affordable housing, new commercial and community space, and attractive, welcoming gardens and play areas.”

Alongside the housing, the development promises “environmental improvements along Forest Road” including “80 new trees”.

The Homebase building was demolished in summer 2021. Two years on, two blocks have been erected.

At the time of the development being approved in March 2021, concern was raised by opposition Conservative councillor Alan Sigger that housing in the surrounding area would receive less sunlight because of the development.

As the Echo previously reported, one block, which is earmarked for market-rent flats, would see less than two-thirds of its windows receive sufficient sunlight according to standards set by the Building Research Establishment (BRE).

The Echo visited 2C Fulbourne Road yesterday (5th October) but there were no workers on site; two security guards were the only manned presence. Security told the Echo that the construction site had been empty for over five days but would not comment any further.

FRP Advisory has reportedly assumed administrative responsibilities for Inland Homes.

In a statement to the London stock market this week, the troubled developer said: “Inland has reviewed options to continue its policy of seeking to complete existing construction projects at the same time as undertaking a comprehensive programme of disposals of its land assets.

“Taking into account the current circumstances and including the group structure and the current cash resources available to it, Inland has concluded that the appointment of administrators is in the best interests of all stakeholders.”

In a statement on the company’s finances in January 2022, Simon Barnett, said that the company had won two build-to-rent contracts at the Patchworks site. Simple Life London, one of these build-to-rent operators, continues to have a dedicated website that advertises 355 apartments to rent at Patchworks. The Echo contacted Simple Life London for comment but we did not receive a response in time for publication.

Barnett resigned as chairman of Inland Homes on 1st March 2023, along with the group’s other non-executive directors. At the time, the company said the resignations were in light of “related party issues”.

A trading statement, also released in March, revealed that the company forecast a loss of £91million. A month later, the company failed to produce accounts for September 2022. The last accounts filed by the company were for finances up to 30 September 2021.

According to Companies House, founder of Island Homes Nishith Malde resigned as director on 4th September this year.

Shares in Inland Homes have been cancelled as of Wednesday (4th October). The last documented share price in the company is listed as being 44.57 pence. This marks a twelve-month change of -74%.

At the time of publication it remains unclear when and if work will resume on the site. Both Island Homes and its administrator FRP Advisory did not respond to a request for comment.

The news comes a week after developer Bellway Homes terminated its partnership with Waltham Forest Council to rebuild the Avenue Road Estate in Leytonstone due to challenging market conditions.

Bellway Homes and Waltham Forest Council had planned to demolish the 1960s-built Avenue Road Estate and build almost double the number of flats.

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