Henry Boot’s land promotion and planning business Hallam Land Management (HLM) has sold 759 residential plots in Swindon to Vistry Group for an undisclosed price.
HLM secured an option to purchase the site in South Marston more than 20 years ago and since then it has been promoting the land through the planning process as part of a wider strategic land parcel, working alongside Taylor Wimpey and Hannick Homes.
In August 2021, outline planning consent was secured for 2,380 residential plots across a 400-acre site, 1,063 of which relate to HLM’s site.
The transaction is expected to generate an ungeared internal rate of return for Henry Boot of 10% per annum. HLM will retain 304 plots for future sale.
Tim Roberts, CEO of Henry Boot, said: “While the housing industry has experienced slower sales rates over the past year, against what has been a challenging market backdrop, this sale further demonstrates the demand we continue to see for large, consented land parcels from major housebuilders who have a strategic long term requirement to deliver homes.
“At the same time there is an appetite for smaller premium sites in strong market locations. This disposal also underlines our team’s experience of taking large, complex sites through the planning system and ultimately selling them to housebuilders to both enable the delivery of much needed homes and community facilities across the UK and create shareholder value.”
