LONDON - Henry Boot PLC has finalized the sale of 632 residential plots at the Pickford Gate development in Coventry to Vistry Group PLC, a national housebuilding company. The transaction, which was completed recently, has resulted in an ungeared internal rate of return for Henry Boot of 28% per annum.
The sale of these plots is part of a larger scheme that Henry Boot's land promotion and planning business, Hallam Land (Hallam), has been orchestrating since securing a planning promotion agreement in 2015. The site received outline planning consent in 2021, which included provisions for 2,400 homes, a primary school, district and local centers, as well as community amenities.
This marks Hallam's fourth transaction at the Pickford Gate site. Previous sales include 250 plots to Countryside Partnerships in March 2023, 491 plots to David Wilson Homes in September 2024, and 52 acres of employment land to Royal London in November 2024. With the latest sale to Vistry, Hallam still retains 1,027 plots for future development.
Despite falling slightly short of its 3,000 plots sales target for 2024, Hallam achieved its financial goals for the year, thanks in part to the sale of the employment land parcel in Coventry last November.
Tim Roberts, CEO of Henry Boot, expressed satisfaction with the transaction, stating that it represents a significant step in the phased sale of the Pickford Gate site and will contribute to the creation of new homes in the region. He also highlighted the ongoing demand for prime sites from leading national housebuilders.
Advising Hallam on the sale were Newton LDP and Shoosmiths LLP. The information for this report is based on a press release statement.
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