17 March 2023
HENRY BOOT PLC
(‘Henry Boot’ or ‘the Group’)
HENRY BOOT EXCHANGES ON RESIDENTIAL LAND SALE IN COVENTRY
Henry Boot’s land promotion and planning business, Hallam Land Management (HLM), announces that it has exchanged on the sale of a 250-plot 31-acre site in Eastern Green, Coventry to mixed-tenure developer Countryside Partnerships.
Eastern Green comprises a Sustainable Urban Extension on the west side of Coventry. The 31-acre site, contracted under a Planning Promotion Agreement by HLM in 2015, forms the first phase of a wider 353-acre site, for which HLM acted on behalf of the landowners to secure planning permission and associated infrastructure for the scheme.
The wider Eastern Green development achieved outline planning permission in 2021 for the delivery of a new community comprising 2,400 new homes, of which 25% will be affordable, 37 acres of employment land, a new primary school, district and local community centres, a transport hub and extensive open spaces and play facilities. Additional community benefits will also include transport related measures and incentives to encourage greater use of alternative travel modes, with two dedicated busways across the site being funded, that link up with Coventry City Council’s wider bus network, while mobility vouchers will be provided to all plot occupiers. The scheme also involves a new junction on the A45 dual carriageway for which HLM secured funding through the Homes England HIF process.
The transaction is due to complete by end of March 2023, with a payment profile extending to January 2025. HLM will take a percentage of the sale proceeds plus significant recovery of costs for promoting both phase one and the wider project. The disposal contributes towards HLM’s annual sales target of 3,500 plots.
Tim Roberts, CEO of Henry Boot PLC, commented: “This disposal demonstrates a robust demand for HLM’s strategic land plots from leading housebuilders who recognise the benefits in utilising our team’s industry leading expertise in resolving increasingly complex planning matters. HLM’s unique masterplanning capabilities have the proven ability to create significant value whilst bringing forward new homes, employment facilities and community spaces in undersupplied areas of the UK.”
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