Henry Boot’s property investment and development arm, HBD, has agreed a conditional sale of a two acre development site at The Chocolate Works in York to McCarthy Stone, the developer and manager of retirement communities.
HBD and McCarthy Stone entered a partnership in 2019 and have subsequently promoted the site through the planning process together, achieving consent on appeal in March 2024 for a 72-home Retirement Living PLUS scheme.
HBD will now work with McCarthy Stone to finish preparing the site for development, in line with its remaining contractual obligations, which is anticipated to complete in Q4 2024. McCarthy Stone will solely lead on the development of the purpose-built retirement accommodation.
The new retirement community marks the final phase of HBD’s 27 acre development, which included the transformation of the former 160,000 sq ft Terry’s Chocolate factory into 163 premium apartments, delivering a total GDV of £110 million across seven schemes during the last decade. The wider site is also now home to the Brainkind Neurological Centre, which supports people recovering from complex brain injuries.
Tim Roberts, CEO of Henry Boot, said: “Securing planning permission and agreeing the sale to McCarthy Stone of the last remaining land site at The Chocolate Works will bring much needed retirement living in York, helping address the huge demand for specialist retirement accommodation that exists right across the country.
“By adding retirement accommodation, which will also offer tailored levels of care, alongside the residential and other uses we have developed at the site, helps achieve our goal of creating a deep and multi-generational community at this transformed former factory. In addition, it brings HBD’s award winning work on this significant project to a close while representing a strong outcome for our shareholders.”
