Henry Boot: Property developer takes key step toward 3,000-plot goal with major Coventry land sale
Property developer Henry Boot has taken a significant step toward its goal of selling 3,000 plots this year, after completing a sale of nearly 500 plots to a national house builder. The London-listed firm, which is headquartered in Sheffield, confirmed it’s land promoter Hallam had sold 491 residential plots at Pickford Gate, Coventry, to the [...]
Property developer Henry Boot has taken a significant step toward its goal of selling 3,000 plots this year, after completing a sale of nearly 500 plots to a national house builder.
The London-listed firm, which is headquartered in Sheffield, confirmed it’s land promoter Hallam had sold 491 residential plots at Pickford Gate, Coventry, to the David Wilson Homes division of national developer Barratt Developments.
The sale brought in a 19.4 per cent annual return for Henry Boot, with payments spread out over 2024 and 2025. This helped recover a significant portion of the costs spent on infrastructure work.
This is the second sale at the Pickford Gate site, after 247 plots were bought by Countryside in March 2023. Following this latest sale Hallam retains 1,662 plots for future sale.
In 2018, the company submitted a planning application, securing outline consent in 2021 for the development of 2,400 homes, of which 25 per cent will be affordable housing.
The plans also include 37 acres of employment land, a primary school, local and district centres, and various green spaces and community facilities.
Tim Roberts, CEO of Henry Boot, said: “Our site sale to David Wilson Homes is a significant land transaction which will enable the delivery of quality homes in an area where people most need them.
“The phased sale of plots at our wider Pickford Gate site is progressing according to plan, where thousands of homes will be created due to the expertise of our land promotion business, which can unlock potential in sites across the country by securing planning permission for residential and mixed uses.”
The sale follows Henry Boot announcing a mixed financial performance in 2023, with its revenue increasing by 5.3 per cent to £359.4m, which it said was driven by property development and housing completions.
Its profit before tax, however, came in at £37.7m which was £8m lower than the year before, with the group blaming “stubbornly” high inflation and “rising interest rates” for the fall.
