Hallam acquired the site in 2014, before promoting the land through the planning process, with a planning application strategically submitted in July 2022. Hallam then secured outline planning consent, in December 2023, for a total of 75 homes as well as a 12 acre community woodland. The consent also includes local highways improvements, green infrastructure and a children’s play area.
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The sale is anticipated to complete H2 2024, with the transaction resulting in an ungeared internal rate of return of 19% p.a. In addition, Hallam retains freehold ownership of an adjacent site totalling 20.6 acres for future promotion through the planning process.
Tim Roberts, CEO of Henry Boot, commented: "The recent site sale to Mulberry Homes underscores both our land promotion business’s expertise in securing planning permission for complex sites and the continued demand from housebuilders, who are showing encouraging levels of interest for sites in our prime portfolio. As a result of Hallam’s efforts, 75 new homes can now be delivered in an area of acute housing shortage, and we have also been able to generate attractive returns for our shareholders."
