Hallam
Land completes sale of industrial & logistics development
site
Henry Boot has announced that its
land promotion and planning business, Hallam Land, has completed
the sale of 52 acres of land for development at Pickford Gate,
Coventry to Royal London Asset Management Property, the UK-based
investment management company for an undisclosed sum. The sale has
resulted in an ungeared internal rate of return for Henry Boot of
21.8% p.a.
The site has outline planning
consent for circa 645,000 sq ft of new employment space comprising
primarily industrial and logistics, as well as research and
development facilities.
Hallam Land secured an initial
planning promotion agreement with the landowners to promote the
wider 'Pickford Gate' site in 2015. A planning application was
submitted in 2018 which secured outline planning consent in 2021
for the 52-acre land parcel, as well as 2,400 homes, of which
at least 25% are proposed for affordable housing, a primary school,
district and local centres, green open spaces, community facilities
and playing fields.
This is Hallam Land's third sale at
Pickford Gate, following the disposal to UK housebuilders,
Countryside Partnerships (247 plots) in March 2023 and David Wilson
Homes (491 plots) in September 2024. Hallam Land retains a further
1,662 plots for future sale.
The wider scheme includes the
delivery of a new road junction which connects it directly to the
A45 dual carriageway, providing access to Coventry, Birmingham and
other key arterial roads. Hallam Land secured funding through the
Homes England Housing Infrastructure Fund (HIF) process to deliver
the junction, which was completed successfully in April
2024.
Shoosmiths LLP advised
Hallam Land on the sale with property
agents Newton LDP and Hollis Hockley acting for Hallam
Land and the landowners.
Tim
Roberts, CEO at Henry Boot, commented: "This latest deal at Pickford Gate marks another successful
outcome on behalf of both our shareholders and the landowners we
have partnered with on the project. Pickford Gate will have a huge
impact, transforming the local area, delivering much-needed homes
and employment opportunities. We look forward to seeing the next
phases of the development come to life."
James Orr, Head of Industrial & Logistics at Royal London
Asset Management Property, said: "This acquisition aligns
with our strategy to repurpose capital and enhance portfolio value.
Together with our Development Manager, Graftongate, we are
committed to creating best-in-class facilities for industrial and
logistics occupiers, prioritising high-quality environments with
advanced ESG standards.
Our proposed scheme at Pickford
Gate offers an exceptional opportunity, thanks to its prime
location and strategic road connections, to bring much-needed
multi-let mid-box space to a market currently dominated by
large-scale logistics. We anticipate strong interest, particularly
in this under-served regional sector."
Pinsent Masons and BNP
Paribas advised Royal London Asset Management Property.
ENDS
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
About
Royal London Asset Management Property
Royal London Asset Management
Property is a key player in the UK commercial property market,
operating across six key sectors: offices, retail, industrial and
logistics, residential, healthcare and alternatives.
The team is part of Royal London
Asset Management, one of the UK's leading fund management
companies, providing investment management solutions to both
wholesale and institutional clients such as not-for-profit
organisations, local authorities and the insurance
sector.
Visit rlam.com
to learn more
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
0207 260 1000
Peel Hunt LLP
Joint Corporate Broker
Ed Allsopp / Pete Mackie
0207 418 8900