Last checked at 9 Mar 2023 07:00
09 March 2023
HENRY BOOT PLC
('Henry Boot' or 'the Group')
HENRY BOOT COMPLETES SALE OF 1,855 RESIDENTIAL PLOT SITE, ENABLING DELIVERY OF NEW HOMES IN MILTON KEYNES
Henry Boot PLC announces that its land promotion and planning business, Hallam Land Management (HLM), has completed on the sale of a 1,855-plot site in Milton Keynes to national housebuilder Taylor Wimpey UK Ltd.
HLM had an Option Agreement in place jointly with William Davis Homes and Taylor Wimpey UK Ltd for the long-term promotion of the land, benefitting from a discount to market value. HLM's interest in the land accounted for 618 plots, with the remainder of the sale held by William Davis Homes. The transaction has resulted in an ungeared internal rate of return for Henry Boot of 14.0% p.a.
The 342-acre site is located to the South West of Milton Keynes, below the A421 between Bletchley and Newton Longville. Positioned around seven miles outside of the centre of Milton Keynes, a series of public transport improvements are set to further enhance the site's connections to the surrounding area. Alongside 1,855 homes, of which 30% will be affordable, the site will feature 6.5 acres of employment land, a primary school, secondary school and a neighbourhood centre including retail and community buildings. Over 130 acres of green infrastructure will be delivered across the site, providing extensive play spaces, sports facilities and benefitting air quality and local ecology.
The site forms part of the South West Milton Keynes Consortium and approval was required from both Buckinghamshire Council and Milton Keynes Council. The cross-boundary scheme was granted approval in December 2022. An extensive Section 106 package will provide funds towards facilities and services benefitting both authorities, including Milton Keynes hospital, Buckinghamshire education services, extensive offsite highway works and new public transport infrastructure together with substantial pedestrian links.
Tim Roberts, CEO of Henry Boot PLC, commented, "The sale of this site to a leading national housebuilder continues to demonstrate the benefit of working with Hallam Land Management to navigate complex planning arrangements and manage multiple stakeholders. This latest transaction represents a strong start to 2023, while the ongoing demand for new homes presents a significant opportunity for Henry Boot's land promotion business. The team brings deep expertise in masterplanning and is able to ensure that strategically important sites can deliver a range of housing tenures, amenities and infrastructure improvements to the benefit of new and existing communities."
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Enquiries:
FTI Consulting
Ph: 020 3727 1000
Email: henryboot@fticonsulting.com
Henry Boot PLC
Tim Roberts, Chief Executive Officer
Darren Littlewood, Chief Financial Officer
Daniel Boot, Group Communications Manager
Tel: 0114 255 5444
www.henryboot.co.uk
Numis Securities Limited
Joint Corporate Broker
Ben Stoop
Tel: 020 7260 1000
Peel Hunt LLP
Joint Corporate Broker
Charles Batten/Harry Nicholas
Tel: 020 7418 8900
About Henry Boot PLC
Henry Boot PLC (BOOT.L) was established over 135 years ago and is one of the UK's leading and long-standing property investment and development, land promotion and construction companies. Based in Sheffield, the Group is comprised of the following three segments:
Land Promotion: Hallam Land Management Limited
Property Investment and Development: Henry Boot Developments Limited (HBD), Stonebridge Homes Limited
Construction: Henry Boot Construction Limited, Banner Plant Limited, Road Link (A69) Limited
The Group possesses a high-quality strategic land portfolio, a proven reputation in the property development market for creating places with purpose, backed by a substantial investment property portfolio and an expanding, jointly owned, housebuilding business. It has a construction specialism in both the public and private sectors, a plant hire business, and generates strong cash flows from its PFI contract, Road Link (A69) Limited.
www.henryboot.co.uk