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Henry Boot PLC on Wednesday said its land promotion and planning business, Hallam Land, has completed the sale of a 52-acre development site at Pickford Gate in Coventry. The Sheffield, England-based property developer did not disclose the value of the sale to the Property division of Royal London Asset Management Ltd, though said it had resulted in an ungeared internal rate of return of nearly 22% per annum for the company. The site at Pickford Gate has outline planning permission for around 645,000 square feet of new employment space, including primarily industrial & logistics units, as well as research and development facilities. Hallam Land submitted the planning application for the Pickford Gate site in 2018, and secured approval in 2021 for 2,400 homes, of which at least 25% will be affordable housing, as well as a primary school, district and local centres, green open spaces, community facilities and playing fields. The scheme also included a new road junction to connect the site to the A45 dual carriageway, the delivery of which was completed in April. This is the company’s third sale at Pickford Gate, following its disposal of 247 plots to Vistry Group PLC’s Countryside Partnerships arm in March 2023, and 491 plots to the David Wilson Homes division of Barratt Redrow PLC in September this year. Hallam Land still retains a further 1,662 plots for future sale. Henry Boot Chief Executive Officer Tim Roberts said: ‘This latest deal at Pickford Gate marks another successful outcome on behalf of both our shareholders and the landowners we have partnered with on the project. Pickford Gate will have a huge impact, transforming the local area, delivering much-needed homes and employment opportunities. We look forward to seeing the next phases of the development come to life.’ Shares in Henry Boot were flat at 226.00 pence each in London on Wednesday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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