Hallam Land has sold 491 residential plots at Pickford Gate in Coventry to David Wilson Homes for an undisclosed price.
The sale of the plots by Henry Boot’s land promotion and planning business resulted in an ungeared internal rate of return of 19.4% per annum, with payment phased over 2024 and 2025.
Hallam secured an initial planning promotion agreement with the landowners to promote the wider Pickford Gate site in 2015. A planning application was submitted in 2018 and Hallam achieved outline planning consent in 2021 for 2,400 homes, 25% of which have been designated affordable.
The consent also includes 37 acres of employment land, a primary school, district and local centres, green open spaces, community facilities and playing fields.
Tim Roberts, CEO of Henry Boot, said: “Our site sale to David Wilson Homes is a significant land transaction which will enable the delivery of quality homes in an area where people most need them. The phased sale of plots at our wider Pickford Gate site is progressing according to plan, where thousands of homes will be created due to the expertise of our land promotion business, which can unlock potential in sites across the country by securing planning permission for residential and mixed uses.”
Newton LDP and Shoosmiths LLP advised Hallam on the sale.
