Henry Boot’s land promotion and planning business Hallam Land Management (HLM) has completed the sale of a 1,855-plot site in Milton Keynes to housebuilder Taylor Wimpey, for an undisclosed price. Henry Boot said the transaction had resulted in an unguarded internal rate of return for the company of 14% per annum.
HLM had a joint option agreement in place with William Davis Homes and Taylor Wimpey for the long-term promotion of the 342-acre site, benefitting from a discount to market value.
The land is located around seven miles to the south west of the centre of Milton Keynes and of the 1,855 new homes being built 30% will be affordable. The site will also feature 6.5 acres of employment land, a primary school, secondary school and a neighbourhood centre including retail and community buildings.
Tim Roberts, CEO of Henry Boot, said: “The sale of this site to a leading national housebuilder continues to demonstrate the benefit of working with Hallam Land Management to navigate complex planning arrangements and manage multiple stakeholders. This latest transaction represents a strong start to 2023, while the ongoing demand for new homes presents a significant opportunity for Henry Boot’s land promotion business.
“The team brings deep expertise in masterplanning and is able to ensure that strategically important sites can deliver a range of housing tenures, amenities and infrastructure improvements to the benefit of new and existing communities.”
