9th Jan 2025 11:50
(Alliance News) - Henry Boot PLC on Thursday said it has completed the sale of 632 residential plots at its Pickford Gate site in Coventry to national housebuilder Vistry Group PLC.
The Sheffield, England-based property developer said the sale was conducted by its land promotion and planning business Hallam Land.
The group did not disclose the value of the transaction, but said it resulted in an unguarded internal rate of return of 28% per year for Henry Boot.
This marked Hallam's fourth sale at Pickford Gate, following its disposal of 247 plots to Vistry's Countryside Partnerships arm in March 2023; 491 plots to the David Wilson Homes division of Barratt Redrow PLC in September; and a 52-acre development site in November to the Property division of Royal London Asset Management Ltd.
Hallam Land submitted the planning application for the Pickford Gate site in 2018, and secured approval in 2021 for 2,400 homes. Of these, at least 25% will be affordable housing and the site will include a primary school, district and local centres, green open spaces, community facilities and playing fields.
The scheme also included a new road junction to connect the site to the A45 dual carriageway, the delivery of which was completed in April.
Henry Boot's Chief Executive Officer Tim Roberts said: "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."
Hallam sold around 2,800 plots in total during 2024. While this was marginally below Hallam's sales target of 3,000 plots, Henry Boot said the 52-acre land sale in November "offset the volume reduction".
The business retains a further 1,027 plots for future sale on the Pickford Gate site.
Shares in Henry Boot were down 0.7% at 213.45 pence each in London on Thursday morning.
By Emily Parsons, Alliance News reporter
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