This latest residential sale resulted in an ungeared internal rate of return of 28% p.a. and takes Hallam’s 2024 plot disposals to about 2,800. This is marginally below the sales target of 3,000 plots for the year, but the sale of 52 acres of employment land in Coventry, Hallam is now on track to hit its full year financial target.
Hallam’s land bank now has planning consent on 9,611 plots (June 2024: 7,990), and a further 10,000 plots are expected to be submitted into the planning system over the next 12 months, leaving the group in a strong position to meet its medium-term strategic target of selling 3,500 plots per annum.
Tim Roberts, CEO at Henry Boot, said: “This latest sale of a significant parcel of consented residential land means that Hallam Land is firmly on track to meet its target for land sales in this financial year. I am also pleased to note that under the new Government there has already been a welcome and much-needed improvement in the planning system. We expect this to provide a strong tailwind to Henry Boot’s ambition to accelerate the volume of plots submitted for approval from our well located land bank next year.”
