Henry Boot sells 112 Kent residential plots to Fernham Homes

(Alliance News) - Henry Boot PLC on Wednesday said that its subsidiary has completed the sale of a freehold site with planning permission for 112 residential units in Yalding, Kent to Fernham Homes Ltd.

The Sheffield, England-based property development, home building and construction company said the sale by its land promotion and planning business, Hallam Land, resulted in an ungeared internal rate of return of 37% per year.

The financial details of the transaction were not disclosed.

Hallam Land bought the 23-acre site in December 2018 as it recognised its "potential in a high demand housing area between Maidstone and Royal Tunbridge Wells". Hallam submitted a planning application in November 2023, which was approved in December.

In addition to the 112 homes, of which 40% are affordable, Henry Boot said the planning consent will deliver new landscaped areas and publicly accessible green infrastructure.

"Completing this sale to Fernham Homes less than six months after securing planning, underscores strong demand from housebuilders for well-located land that is unlocked for housing delivery," said Chief Executive Officer Tim Roberts.

"This transaction continues Hallam Land's positive start to the year, building on momentum achieved through an accelerated timeline for planning permissions under the current government. It also secures the provision of more homes in an area which lacks new housing supply and will deliver a tangible positive environmental and social impact on the area."

Shares in Henry Boot closed up 1.4% at 226.00 pence in London on Wednesday.

By Michael Hennessey, Alliance News reporter

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