Permission was secured through Henry Boot’s land promotion and planning business Hallam Land with the plots since sold to Harron Homes.
A planning application for the site was first submitted in 2017 and then resubmitted in 2022.
Ashfield District Council failed to make a decision, which led to Hallam filing an appeal in July 2024 based on non-determination.
The appeal inspector determined in its judgement that the council’s “unreasonable behaviour” justified Hallam receiving a full award of costs.
The same month as the appeal, Hallam exchanged contracts with Harron Homes for the sale of the site, contingent upon securing planning consent.
- The Finance Professional Show 2024: The Video
- Henry Boot forecasts slower growth in 2025
- Henry Boot completes sale of 365 residential plots
The deal has now been exchanged and will complete in 2026, generating an ungeared internal rate of return of 16% per annum.
Hallam currently has active appeals on five other sites, totalling around 2,500 residential plots.
“Securing this planning consent on appeal marks a significant milestone in the positive changes which are being made to the UK’s planning system under the current government,” said Tim Roberts, CEO at Henry Boot.
“Hallam has achieved planning on approximately 3,000 plots over the past six months, and we seek to take advantage of the improving planning system by submitting 10,000 plots over the next 12 months to deliver much-needed homes across the country and also deliver returns for our shareholders.”
Leave a comment