Hallam Land has unconditionally exchanged contracts on the sale of circa 600 residential plots in the Midlands.
The sale resulted in an ungeared internal rate of return of 28% per annum and takes Hallam’s 2024 plot disposals to circa 2,800, which is below the company’s sales target of 3,000 plots for the year.
In the year to date, Hallam, which is the land promotion and planning business of Henry Boot, has secured consents on 2,870 plots compared with 1,014 plots last year.
Tim Roberts, CEO of Henry Boot, said: “This latest sale of a significant parcel of consented residential land means that Hallam Land is firmly on track to meet its target for land sales in this financial year. I am also pleased to note that under the new government there has already been a welcome and much needed improvement in the planning system.
“We expect this to provide a strong tailwind to Henry Boot’s ambition to accelerate the volume of plots submitted for approval from our well located land bank next year.”
