Hallam Land Management has unconditionally exchanged on the sale of a freehold site with planning permission for 75 homes in Ambrosden, Oxfordshire, to Mulberry Homes for an undisclosed price.
Henry Boot’s land promotion and planning business acquired the site in 2014 and secured outline planning consent for the new homes as well as a 12-acre community woodland in December 2023.
The sale is expected to complete in H2 2024. The transaction would result in an ungeared internal rate of return of 19% per annum.
Hallam has retained freehold ownership of an adjacent site totalling 20.6 acres for future promotion through the planning process.
Tim Roberts, CEO of Henry Boot, said: “The recent site sale to Mulberry Homes underscores both our land promotion business’s expertise in securing planning permission for complex sites and the continued demand from housebuilders, who are showing encouraging levels of interest for sites in our prime portfolio. As a result of Hallam’s efforts, 75 new homes can now be delivered in an area of acute housing shortage, and we have also been able to generate attractive returns for our shareholders.”
