Henry Boot sells 632 residential plots to Vistry
By Josh White
Date: Thursday 09 Jan 2025
(Sharecast News) - Henry Boot announced the completion of the sale of 632 residential plots at the Pickford Gate development in Coventry to national housebuilder Vistry Group on Thursday.
The London-listed firm said the transaction, carried out by its land promotion and planning arm Hallam Land, delivered an ungeared internal rate of return of 28% per annum.
It said the sale was part of Hallam's broader land promotion efforts at Pickford Gate, which had been underway since securing a planning promotion agreement with the landowners in 2015.
The site received outline planning consent in 2021 for 2,400 homes - 25% designated as 'affordable' - alongside a primary school, community facilities, green spaces, and employment land.
It marked Hallam's fourth sale at Pickford Gate, with previous transactions including 250 plots sold to Countryside Partnerships in March 2023, 491 plots to David Wilson Homes last September, and 52 acres of employment land sold to Royal London in November.
With the latest transaction, Hallam retained 1,027 plots for future sales.
The completion followed Henry Boot's earlier announcement in December of contracts to sell around 600 plots in the Midlands, enabling Hallam to meet its 2024 financial target of selling 2,800 plots.
While that was slightly short of its original 3,000-plot goal, the board said the employment land sale in Coventry offset the shortfall.
"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," said chief executive officer Tim Roberts.
"It also highlights the continued demand for prime sites from leading national housebuilders."
At 1035 GMT, shares in Henry Boot were down 0.71% at 213.48p.
Reporting by Josh White for Sharecast.com.
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