Henry Boot’s land promotion and planning business, Hallam Land Management (HLM), has exchanged on the sale of a 125-plot site in Tonbridge, Kent, to Cala Homes for an undisclosed fee.
The 26-acre site, which is located north of Lower Haysden Lane, was originally contracted under option by HLM alongside MJ Gleeson in 2004, with the freehold subsequently purchased by HLM independently in 2021.
Earlier this year, HLM secured full planning consent for the delivery of 125 new homes at the site, 40% of which will be affordable. The development will also feature new cycle and pedestrian links to a local railway station, a contribution to improved public transport infrastructure and a sustainable travel voucher for each new home.
HLM said the transaction, which resulted in an ungeared internal rate of return of 27% per annum, will complete in two phases across 2023 and 2024.
Tim Roberts, CEO of Henry Boot, said: “This disposal represents yet another example of our team’s industry leading expertise in resolving complex planning matters in order to create significant value whilst bringing forward new homes, community facilities and open spaces in undersupplied areas of the UK.
“There remains robust demand for HLM’s strategic land plots from leading housebuilders, across the country. This transaction keeps us well on track to meet our medium-term growth objectives supported by a strong housing market combined with HLM’s continuously replenished land bank and unique masterplanning capabilities.”
