Henry Boot has completed the sale of 491 residential plots in Coventry to the David Wilson Homes division of national housebuilder Barratt Developments.
The sale, from the group’s Hallum Land business, has resulted in an ungeared internal rate of return of 19.4% per annum, with payment phased over 2024 and 2025, including significant recovery of costs for infrastructure works.
Henry Boot said the deal represented further progress in Hallam achieving its annual sales target of 3,000 plots and would contribute towards the group’s 2024 financial performance. The group publishes its interim results tomorrow.
Hallam secured an initial planning promotion agreement with the landowners to promote the wider site, Pickford Gate, in 2015. A planning application was submitted in 2018, with Hallam achieving outline planning consent in 2021 for a total of 2,400 homes, of which 25% would be affordable housing.
The consent also includes 37 acres of employment land, a primary school, district and local centres, green open spaces, community facilities and playing fields.
This is the second sale at the Pickford Gate site, following the disposal of 247 plots to Countryside in March 2023. After this latest disposal, Hallam retains 1,662 plots for future sale.
Henry Boot chief executive Tim Roberts said: “Our site sale to David Wilson Homes is a significant land transaction which will enable the delivery of quality homes in an area where people most need them.
“The phased sale of plots at our wider Pickford Gate site is progressing according to plan, where thousands of homes will be created due to the expertise of our land promotion business, which can unlock potential in sites across the country by securing planning permission for residential and mixed uses.”
Newton LDP advised Hallam on the sale.
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