Hallam Land has completed the sale of 75 residential plots in Ambrosden, Oxfordshire, and a further 290 residential plots in Sittingbourne, Kent, to Mulberry Homes and Taylor Wimpey.
The land promotion and planning business of Henry Boot, acquired the Ambrosden site in 2014 and secured outline planning consent for the new homes in December 2023.
Mulberry Homes has paid £6.8m for the freehold site and Hallam has retained the freehold ownership of an adjacent site totalling 20.6 acres for future promotion through the planning process.
In Sittingbourne, the sale of the 290 residential plots to Taylor Wimpey resulted in an ungeared internal rate of return for Henry Boot of 40% per annum.
Hallam agreed a promotion agreement for the site in 2017 and successfully secured planning consent on an appealed decision in July 2024, following an initial refusal in 2022. The appeal was made on the basis that Swale Borough Council’s outdated development plan could not demonstrate a five-year housing land supply, which in turn was failing to meet the area’s housing needs.
Tim Roberts, CEO of Henry Boot, said: “Our latest residential plot sales to Mulberry Homes and Taylor Wimpey reaffirm the continued success of our land promotion business, benefitting from the government’s commitment to planning reform, as well as the ongoing appetite from national and regional housebuilders for well located, permitted land. The delivery of much needed new homes across these regions, as well as the planning consent gained for significant green infrastructure and spaces, will transform the local area and community.”
