This is the second sale at the Pickford Gate site since 247 plots were sold to Countryside in March 2023. Hallam retains 1,662 plots for future sale.

This sale has generated an ungeared internal rate of return of 19.4% per annum, with payment phased over 2024 and 2025. According to Henry Boot, these payments will cover “significant recovery” of costs related to infrastructure works at the site.

This has included delivery of a new junction on the A45 dual carriageway, which was part funded by Homes England through the Housing Infrastructure Fund. These works were completed in April 2024.

Henry Boot’s land promotion and planning business, Hallam Land, secured an initial planning promotion agreement with the site’s landowners in 2015.

•   The Finance Professional Show 2023: The Video
•   Henry Boot secures approval for 290-home Kent site
•   Henry Boot completes £15m site, secures approval for further 75,000 sq ft

Outline planning consent was secured in 2021 for 2,400 new homes, a quarter of which would be allocated for affordable housing. Consent was also granted for 37 acres of employment land, a primary school and green public spaces.

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

“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 this sale to David Wilson Homes.