Henry Boot completes the sale
of 632 plots in Coventry to Vistry
Henry Boot announces that its land
promotion and planning business, Hallam Land (Hallam), has
completed the sale of 632 residential plots at Pickford Gate,
Coventry to national housebuilder Vistry
Group PLC ('Vistry'). The sale resulted in an ungeared internal
rate of return for Henry Boot of 28% p.a.
The completion of the sale to Vistry
follows news released by Henry Boot on 12 December 2024 that the
group had exchanged contracts to sell c.600 plots in the Midlands.
The disposal meant Hallam achieved its 2024 financial target with
sales of c.2,800 plots last year. While this was marginally below
Hallam's sales target of 3,000 plots for 2024, the sale of 52 acres
of employment land in Coventry to Royal London in November 2024
offset the volume reduction.
Hallam secured an initial planning
promotion agreement with the landowners to promote the wider
'Pickford Gate' site in 2015. A planning application was submitted
in 2018 which secured outline planning consent in 2021 for the
52-acre employment land parcel, as well as 2,400 homes, of which at
least 25% are proposed for affordable housing along with a primary
school, district and local centres, green open spaces, community
facilities and playing fields.
This is Hallam's fourth sale at
Pickford Gate. The previous transactions include the sale of 250
plots to the UK housebuilder Countryside Partnerships in March 2023
and the sale of 491 plots to David Wilson Homes in September 2024
as well as the 52 acres of employment land sold in November 2024.
Hallam retains 1,027 plots for future sale on the site.
Newton LDP and Shoosmiths LLP
advised Hallam on this sale.
Tim
Roberts, CEO at Henry Boot, commented: "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. It also highlights the continued demand for prime sites
from leading national housebuilders."
END
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.
henryboot.co.uk
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 / Tom Philpott
0207 260 1000
Peel Hunt LLP
Joint Corporate Broker
Ed Allsopp / Pete Mackie
0207 418 8900