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Henry Boot PLC on Tuesday said it agreed to sell 75 residential plots at a development site in Oxfordshire. The Sheffield, England-based property developer said that its land promotion and planning business, Hallam Land Management, has unconditionally exchanged on the sale of a freehold site in the Oxfordshire village of Ambrosden to Mulberry Homes Ltd. Acquired by Hallam in 2014, the plot secured planning permission for 75 homes and 12 acres of community woodland in December last year. Improvements to local roads, green infrastructure, and a children’s play area were also approved. Hallam retains ownership of an adjacent 20.6 acre freehold site which is due for promotion in the future. The sale is expected to complete in the second half o the year with the transaction resulting in an ungeared internal rate of return of 19% according to the company. Chief Executive Officer Tim Roberts said: ‘The recent site sale to Mulberry Homes underscores both our land promotion business’s expertise in securing planning permission for complex sites and the continued demand from housebuilders, who are showing encouraging levels of interest for sites in our prime portfolio.’ This most recent sale follows the sale of a retirement development in York to McCarthy & Stone Ltd in May. Henry Boot shares were up 2.4% to 212.00 pence each in London on Tuesday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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