Henry Boot’s land promotion and planning business Hallam Land Management (HLM) has unconditionally exchanged contracts for the sale of 494 residential plots in Chatteris, North Cambridgeshire, to David Wilson Homes.
The sale will complete in July 2024, with the transaction resulting in an ungeared internal rate of return of 15% per annum.
HLM secured a planning promotion agreement to promote the site on behalf of British Steel Pension Fund Trustee in 2005 and secured outline planning consent for 1,000 residential plots in 2020 – including circa 160 affordable homes. Henry Boot has retained the remaining 506 plots for future sale.
Tim Roberts, CEO of Henry Boot, said: “This sale demonstrates the continued demand we see for our premium sites, and is particularly encouraging given the challenging market backdrop, with lower transaction volumes. This disposal underscores our team’s experience in securing planning permission on complex sites and navigating them through an increasingly onerous planning system, enabling us to sell them to housebuilders and accelerate the delivery of much needed homes across the UK.”
