Henry Boot announces that its land promotion and planning business, Hallam Land (Hallam), has completed the sale of 632 residential plots at Pickford Gate, Coventry to national housebuilder Vistry Group PLC (Vistry). The sale resulted in an ungeared internal rate of return for Henry Boot of 28% p.a.
The completion of the sale to Vistry follows news released by Henry Boot on 12 December 2024 that the group had exchanged contracts to sell c. 600 plots in the Midlands. The disposal meant Hallam achieved its 2024 financial target with sales of c. 2,800 plots last year. While this was marginally below Hallam’s sales target of 3,000 plots for 2024, the sale of 21ha of employment land in Coventry to Royal London in November 2024 offset the volume reduction.
Hallam secured an initial planning promotion agreement with the landowners to promote the wider ‘Pickford Gate’ site in 2015. A planning application was submitted in 2018 which secured outline planning consent in 2021 for the 21-ha employment land parcel, as well as 2,400 homes, of which at least 25% are proposed for affordable housing along with a primary school, district and local centres, green open spaces, community facilities and playing fields.
This is Hallam's fourth sale at Pickford Gate. The previous transactions include the sale of 250 plots to the UK housebuilder Countryside Partnerships in March 2023 and the sale of 491 plots to David Wilson Homes in September 2024 as well as the 21 ha of employment land sold in November 2024. Hallam retains 1,027 plots for future sale on the site.
Newton LDP and Shoosmiths LLP advised Hallam on this sale.
Tim Roberts, CEO at Henry Boot, commented: “This sale to Vistry is a significant transaction for Hallam, executing the phased sale of the wider Pickford Gate site according to plan, which will create thousands of much-needed new homes in the area. It also highlights the continued demand for prime sites from leading national housebuilders.”
Image source - Henry Boot.
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