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.
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.'
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.
