16th Sep 2024 12:13
(Alliance News) - Henry Boot PLC on Monday announced it has completed the sale of 491 residential plots at its Pickford Gate site in Coventry to the David Wilson Homes division of national housebuilder Barratt Developments PLC.
The Sheffield, England-based property developer said its land promotion and planning business, Hallam Land, has secured a sale with an ungeared internal rate of return of 19% per annum, with payment phased over 2024 and 2025, including significant recovery of costs for infrastructure work.
The sale represents progress towards Hallam's annual sales target of 3,000 plots. This is the second sale at Pickford Gate, following the disposal of 247 plots to Countryside in March 2023, and Hallam now retains a further 1,662 plots for sale in the future.
Hallam's Pickford Gate site in Coventry received outline planning consent in 2021 for a total of 2,400 homes, 25% of which is affordable housing. The consent also included 37 acres of employment land, a primary school, district and local centres, green open spaces, community facilities and playing fields.
In April 2024, Hallam also completed works on a new junction on the A45 dual carriageway.
Chief Executive Officer 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."
Shares in Henry Boot were down 0.2% at 218.60 pence each in London on Monday morning.
By Emily Parsons, Alliance News reporter
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