Henry Boot completes the sale of 491 plots in Coventry to David Wilson Homes
Henry Boot announces that its land promotion and planning business, Hallam Land (Hallam), has completed the sale of 491 residential plots at Pickford Gate, Coventry to the David Wilson Homes division of national housebuilder Barratt Developments.
The sale resulted in an ungeared internal rate of return of 19.4% p.a., with payment phased over 2024 and 2025 including significant recovery of costs for infrastructure works. It represents further progress in Hallam achieving its annual sales target of 3,000 plots and will contribute towards the group's 2024 financial performance.
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% is 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.
The project also involved delivering a new junction on the A45 dual carriageway for which Hallam secured a contribution towards funding through the Homes England Housing Infrastructure Fund process. Works on the junction successfully completed in April 2024.
This is the second sale at the Pickford Gate site, following the disposal of 247 plots to Countryside in March 2023. Following this disposal Hallam retains 1,662 plots for future sale.
Newton LDP and Shoosmiths LLP advised Hallam on this sale.
Tim Roberts, CEO of Henry Boot, commented: "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."
ENDS
Notes to editors
Henry Boot is one of the UK's leading land, property development, home building and construction businesses - and we've been transforming land and spaces since 1886. Listed on the London Stock Exchange since 1919, we're renowned for quality, expertise, delivery and a partnership approach across the group - which comprises, Hallam Land, HBD, Stonebridge, Henry Boot Construction, Banner Plant and Road Link.
Operating across the UK, and employing over 500 people, we focus on three key markets: urban development, industrial and logistics and residential. Hallam Land has facilitated 52,000 new homes since 1990, managing one of the top five largest land portfolios in the country, with the potential to facilitate over 100,000 homes. HBD manages a development pipeline of £1.3bn, the equivalent of 7m sq ft of developments across our key
markets, while maintaining a £113m investment portfolio, of which 73% of the properties have an EPC rating of 'C' or higher. Stonebridge, our jointly-owned home building business, manages a land portfolio capable of delivering 1,500 homes, with an ambition to deliver up to 600 new homes a year.
Henry Boot Construction has extensive experience in both the public and private sectors, including major projects such as the £200m regeneration of Barnsley town centre, and The Cocoa Works, a £57m residential development in York. For over 65 years, Banner Plant has supplied construction products and services, operating from seven regional depots in the North of England.
We have also developed an ambitious Responsible Business Strategy to help us meet our aim of being Net Zero Carbon by 2030, and to deliver, by 2025, charitable, community and education work valued at £1m.
From land promotion, property development and investment to home building, construction and plant hire, Henry Boot is where great places start.
Enquiries
FTI Consulting
Richard Sunderland/Giles Barrie
07894 797067 / 07798 926814
henryboot@fticonsulting.com
Henry Boot PLC
Tim Roberts, Chief Executive Officer
Darren Littlewood, Chief Financial Officer
Daniel Boot, Senior Corporate Communications Manager
07825 088807
dboot@henryboot.co.uk
henryboot.co.uk
Deutsche Numis
Joint Corporate Broker
Ben Stoop
0207 260 1000
Peel Hunt LLP
Joint Corporate Broker
Ed Allsopp / Pete Mackie
0207 418 8900
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