carl
Henry Boot, a prominent land and development company based in Sheffield, has announced the sale of nearly 500 housing plots to the David Wilson Homes division of Barratt Developments. The transaction, which involves 491 residential plots at the Pickford Gate development in Coventry, is part of a larger project aimed at creating a substantial residential and mixed-use community.
While the financial details of the deal have not been disclosed, Henry Boot reported that the sale resulted in an ungeared internal rate of return of 19.4% per annum. The payment for the plots will be phased over 2024 and 2025, contributing to Hallam Land’s annual sales target of 3,000 plots.
The Pickford Gate development, which Hallam Land has been working on since 2015, received outline planning consent in 2021 for a total of 2,400 homes. This consent includes 25% affordable housing, 37 acres of employment land, a primary school, district and local centres, green open spaces, community facilities, and playing fields. A key infrastructure improvement, a new junction on the A45 dual carriageway, was completed in April.
Tim Roberts, CEO of Henry Boot, highlighted the significance of the sale: “Our site sale to David Wilson Homes is a major land transaction that will facilitate the delivery of quality homes in a high-demand area. The phased sale at our Pickford Gate site is progressing as planned, contributing to the creation of thousands of homes through our land promotion business, which excels in unlocking potential in sites nationwide.”
Henry Boot’s recent transactions also include a sale of nearly 250 plots to Countryside in March. The company retains 1,662 plots for future sale and continues to manage one of the largest land portfolios in the UK.
