Hallam Land has completed the sale of 632 residential plots at Pickford Gate, Coventry, to national housebuilder Vistry Group for an undisclosed price.
The land promotion and planning business of Henry Boot said that the sale reflected an ungeared internal rate of return of 28% per annum.
Thanks to the disposal, Hallam hit its 2024 financial target of circa 2,800 plot sales last year. Although this was marginally below Hallam’s sales target of 3,000 plots for 2024, the company said the sale of 52 acres of employment land in Coventry to Royal London in November 2024, offset the volume reduction.
Hallam secured an initial planning promotion agreement with the landowners to promote the wider Pickford Gate site in 2015 and outline planning consent was secured in 2021 for a 52-acre employment land parcel, in addition to 2,400 homes.
Tim Roberts, CEO at Henry Boot, said: “This sale to Vistry is a significant transaction for Hallam, executing the phased sale of the wider Pickford Gate site according to plan, which will create thousands of much needed new homes in the area. It also highlights the continued demand for prime sites from leading national housebuilders.”
Newton LDP and Shoosmiths LLP advised Hallam on the sale.
