Land and development company Henry Boot has announced the sale of almost 500 housing plots to an arm of the United Kingdom’s largest housebuilder. Through its land promotion and planning business, Hallam Land, the Sheffield firm has completed the sale of 491 residential plots at Pickford Gate in Coventry to the David Wilson Homes division.
Although the size of the deal remains undisclosed, Henry Boot revealed that the sale resulted in an ungeared internal rate of return of 19.4% per annum. Payment for the plots will be phased over 2024 and 2025, contributing to Hallam’s yearly target of selling 3,000 plots.
Hallam, engaged with the site since 2015, secured outline planning consent in 2021 for a total of 2,400 homes, of which 25% is designated as affordable housing. The consent also covers 37 acres of employment land, a primary school, district and local centres, green open spaces, community facilities, and playing fields.
The project included the construction of a new junction on the A45 dual carriageway, completed in April. Last March, Henry Boot sold nearly 250 plots to another housebuilder and retains 1,662 plots for future transactions.
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.”
Henry Boot, a company operating in land promotion, property development, and construction, employs more than 500 individuals and manages one of the nation’s largest land portfolios.
The sale of housing plots at Pickford Gate marks a significant step in delivering much-needed homes in Coventry. Henry Boot’s strategic transactions continue to progress in alignment with their development goals, showcasing the firm’s capacity to effectively manage and promote land for substantial residential projects.