Henry Boot PLC on Friday said its land promotion and planning business Hallam Land Management exchanged on the land sale of a site in Coventry, England to mixed-tenure developer Countryside Partnerships.
The Sheffield-based property developer said the sale related to a 250-plot, 31-acre site in Eastern Green, which comprises a sustainable urban extension on the west side of Coventry.
It said the 31-acre site, contracted under a planning promotion agreement by Hallam in 2015, forms the first phase of a wider 353-acre site, of which Hallam acted on behalf of the landowners to secure planning permission and associated infrastructure for the scheme.
The wider Eastern Green development received outline planning permission in 2021 for the delivery of a new community comprising 2,400 new homes. Of these, around 25% will be affordable, alongside 37 acres of employment land, a new primary school, district and local community centres, a transport hub and extensive open spaces and play facilities.
Henry Boot said the transaction is due to complete by end of March, with a payment profile extending to January 2025.
Hallam will take a percentage of the sales proceeds, plus significant recovery of costs.
The disposal contributes towards Hallam’s annual sales target of 3,500 plots, Henry Boot added.
‘This disposal demonstrates a robust demand for Hallam’s strategic land plots from leading housebuilders who recognise the benefits in utilising our team’s industry leading expertise in resolving increasingly complex planning matters,’ said Henry Boot Chief Executive Officer Tim Roberts.
‘Hallam’s unique masterplanning capabilities have the proven ability to create significant value whilst bringing forward new homes, employment facilities and community spaces in undersupplied areas of the UK.’
On Thursday last week, Henry Boot also announced that Hallam completed the sale of a 1,855-plot site in Milton Keynes, England to housebuilder Taylor Wimpey UK Ltd.
Shares in Henry Boot were up 1.6% to 221.50 pence each in London on Friday before midday.
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