The sale is anticipated to complete in the second half of 2024, with an ungeared internal rate of return of 19% per annum expected.

Hallam Land Management, Henry Boot’s land promotion and planning business, has overseen this transaction for the site in Ambrosden, Oxfordshire.

Hallam acquired the site in 2014, and then promoted this through the planning process with an application strategically submitted in July 2022.

In addition to the homes, permission has been secured for a 12 acre community woodland on the site. Consent has also stretched to local highways improvements, green infrastructure and a childrens’ play area.

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Hallam retains freehold ownership of an adjacent site totalling 20.6 acres for future promotion through the planning process.

“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,” said Tim Roberts, CEO of Henry Boot.

“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.”