NuGen Properties

Cheshunt Lakeside Development in administration

The Cheshunt Lakeside development

Steven Muncaster and Rob Armstrong of Kroll have been appointed as joint administrators of Cheshunt Lakeside Developments Limited.

The development of an urban village in Hertfordshire aimed to deliver 1,725 new homes and 19,000 sqm of office and commercial space. It was a joint venture between Inland Homes and Zircon Developments, and investment vehicle of Hasmukh and Tej Shah. Hasmukh Shah is a Croydon fruit and veg wholesaler who diversified into property investment with Inland Homes.

The 30-acre Cheshunt Lakes site, just outside the M25 to the north of London, includes the former headquarters of the Tesco retail group. Cheshunt Lakeside secured planning permission in June 2019.

The site was being developed by Inland Homes, which has issued a notice of an intention to appoint administrators [see previous report here].

Another Inland Homes development, Cavalry Barracks in west London, also co-owned by Hasmukh and Tej Shah, was placed in administration on 28th September 2023. The same administrators are handing both cases.

Rob Armstrong, managing director of Kroll’s real estate advisory group, said of Cheshunt Lakeside: “The development represents a great residential and business opportunity for the local community. The joint administrators will work closely with Kroll’s specialist real estate team to ensure the best possible outcome for the development.”

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