16 April 2024
HENRY
BOOT PLC
('Henry
Boot' or 'the Group')
HENRY BOOT AGREES SALE OF 494 RESIDENTIAL PLOTS IN
CAMBRIDGESHIRE TO BARRATT
Henry Boot PLC announces that its
land promotion and planning business, Hallam Land Management
('HLM'), has unconditionally exchanged contracts for the sale of
494 residential plots in Chatteris, North Cambridgeshire, to the
David Wilson Homes division of national housebuilder Barratt
Developments. The sale will complete in July 2024, with the
transaction resulting in an ungeared internal rate of return
of 15% p.a.
HLM secured a Planning Promotion
Agreement to promote the site on behalf of British Steel Pension
Fund Trustee Ltd in 2005. HLM promoted the land through the
planning process successfully securing outline planning consent for
1,000 residential plots in 2020 (including c.160 affordable homes).
Henry Boot retain the remaining 506 plots for future
sale.
In addition to the provision of new
homes, the complete Chatteris site will bring a number of
additional benefits to the local area as part of the planning
consent, including a primary school, a local community centre,
green infrastructure, open space and playing fields, as well as
seven acres of employment (office/general industrial/storage &
distribution uses) and the renovation of a Grade II listed Tithe
Barn for commercial or community use.
Tim
Roberts, CEO of Henry Boot PLC, commented:
"This sale demonstrates the continued demand we
see for our premium sites, and is particularly encouraging given
the challenging market backdrop, with lower transaction volumes.
This disposal underscores our team's experience in securing
planning permission on complex sites and navigating them through an
increasingly onerous planning system, enabling us to sell them to
housebuilders and accelerate the delivery of much needed homes
across the UK."
-ENDS-
Enquiries:
FTI
Consulting
Richard Sunderland/Giles
Barrie
Tel: 020 3727
1000
Email: henryboot@fticonsulting.com
Henry Boot PLC
Tim Roberts, Chief Executive
Officer
Darren Littlewood, Chief Financial
Officer
Daniel Boot, Senior Corporate
Communications Manager
Tel: 0114 255 5444
www.henryboot.co.uk
Deutsche Numis
Joint Corporate Broker
Ben Stoop
Tel: 020 7260 1000
Peel
Hunt LLP
Joint Corporate Broker
Ed Allsopp / Charles
Batten
Tel: 020 7418 8900
About Henry Boot PLC
Henry Boot PLC (BOOT.L) was
established over 135 years ago and is one of the UK's leading
and long-standing property investment and development, land
promotion and construction companies. Based in Sheffield, the Group
is comprised of the following three segments:
Land Promotion:
Hallam Land Management
Limited
Property Investment and
Development:
Henry Boot Developments Limited
(HBD), Stonebridge Homes
Limited
Construction:
Henry Boot Construction
Limited,
Banner Plant Limited, Road Link (A69) Limited
The Group possesses a high-quality
strategic land portfolio, a proven reputation in the property
development market for creating places with purpose, backed by a
substantial investment property portfolio and an expanding, jointly
owned, housebuilding business. It has a construction specialism in
both the public and private sectors, a plant hire business, and
generates strong cash flows from its PFI contract, Road Link (A69)
Limited.
www.henryboot.co.uk