Henry Boot Agrees Sale of c.600 plots in the Midlands
Henry Boot (or the "group")
announces today that Hallam Land (Hallam), the group's land
promotion and planning business, has unconditionally exchanged
contracts for the sale of c.600 plots in the Midlands.
This latest residential sale
resulted in an ungeared internal rate of return of 28% p.a. and
takes Hallam's 2024 plot disposals to c.2,800. Whilst this is
marginally below our sales target of 3,000 plots for the year,
following last month's announcement of 52 acres of employment land
in Coventry, Hallam is now on track to hit its full year financial
target.
Hallam has seen noticeable
improvements in the planning system since the change in Government
during the summer. In the year to date, Hallam has secured consents
on a total of 2,870 plots (2023: 1,014 plots), of which 2,056 have
been achieved since the beginning of September. In addition, Hallam
has appeals lodged on 2,189 plots across seven sites and in total
has 11,191 plots in the planning system.
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, commented: "This latest sale of a
significant parcel of consented residential land means that Hallam
Land is firmly on track to meet its targets 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."
END
Notes to
editors
Henry Boot is one of the UK's
leading land, property development, home building and construction
businesses - and we've been transforming land and spaces since
1886. Listed on the London Stock Exchange since 1919, we're
renowned for quality, expertise, delivery and a partnership
approach across the group - which comprises, Hallam Land, HBD,
Stonebridge, Henry Boot Construction, Banner Plant and Road
Link.
Operating across the UK, and
employing over 500 people, we focus on three key markets: urban
development, industrial and logistics and residential. Hallam Land
has facilitated 52,000 new homes since 1990, managing one of the
top five largest land portfolios in the country, with the potential
to facilitate over 100,000 homes. HBD manages a development
pipeline of £1.3bn, the equivalent of 7m sq ft of developments
across our key markets, while maintaining a £113m investment
portfolio, of which 73% of the properties have an EPC rating of 'C'
or higher. Stonebridge, our jointly owned home building business,
manages a land portfolio capable of delivering 1,500 homes, with an
ambition to deliver up to 600 new homes a year.
Henry Boot Construction has
extensive experience in both the public and private sectors,
including major projects such as the £200m regeneration of Barnsley
town centre, and The Cocoa Works, a £57m residential development in
York. For over 65 years, Banner Plant has supplied construction
products and services, operating from seven regional depots in the
North of England.
We have also developed an ambitious
Responsible Business Strategy to help us meet our aim of being Net
Zero Carbon by 2030, and to deliver, by 2025, charitable, community
and education work valued at £1m.
From land promotion, property
development and investment to home building, construction and plant
hire, Henry Boot is where great places start.
henryboot.co.uk
Enquiries
FTI
Consulting
Richard Sunderland/Giles
Barrie
07894 797067 / 07798
926814
henryboot@fticonsulting.com
Henry Boot PLC
Tim Roberts, Chief Executive
Officer
Darren Littlewood, Chief Financial
Officer
Daniel Boot, Senior Corporate
Communications Manager
07825 088807
dboot@henryboot.co.uk
henryboot.co.uk
Deutsche Numis
Joint Corporate Broker
Ben Stoop / Tom Philpott
0207 260 1000
Peel Hunt LLP
Joint Corporate Broker
Ed Allsopp / Pete Mackie
0207 418 8900