LONDON - Henry Boot PLC, a UK-based property development and construction company, today announced the sale of approximately 600 plots in the Midlands through its land promotion and planning business, Hallam Land. This transaction brings the total number of plots disposed of by Hallam in 2024 to around 2,800, slightly under the year's goal of 3,000 plots, but in line with financial targets.
The Midlands sale achieved an internal rate of return of 28% per annum. Despite the shortfall in the sales target, the company has seen an uptick in planning consents, with 2,870 plots approved this year compared to 1,014 in 2023. A significant portion of these approvals, 2,056 plots, have been secured since early September.
The group has lodged appeals for an additional 2,189 plots across seven sites and currently has 11,191 plots in the planning system. With planning consent now on 9,611 plots and plans to submit another 10,000 plots for approval in the next 12 months, Henry Boot is poised to meet its medium-term goal of selling 3,500 plots annually.
CEO Tim Roberts expressed confidence in meeting this year's land sales targets and acknowledged the improvements in the planning system under the new government, which he anticipates will bolster the company's efforts to expedite plot approvals in the coming year.
Henry Boot PLC has been a prominent player in the UK's property development and construction sectors since 1886. The company is listed on the London Stock Exchange (LON:LSEG) and operates various businesses, including Hallam Land, HBD, Stonebridge, Henry Boot Construction, Banner (NASDAQ:BANR) Plant, and Road Link. The group employs over 500 people and has a diverse portfolio, including urban development, industrial and logistics, and residential projects.
The company is also committed to a Responsible Business Strategy, aiming for Net Zero Carbon by 2030 and planning to contribute £1 million to charitable, community, and educational initiatives by 2025.
This news is based on a press release statement.
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