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Highlights
- Hallam Land sells 52 acres for industrial development to Royal London Asset Management.
- Land designated for 645,000 sq ft of industrial, logistics, and R&D space.
- Sale is part of a larger development plan at Pickford Gate, including 2,400 homes and community facilities.
Henry Boot (LSE:BOOT) has announced that its land promotion and planning arm, Hallam Land, has finalized the sale of a 52-acre plot at Pickford Gate, Coventry to Royal London Asset Management Property, a UK investment firm. Although the transaction sum remains undisclosed, the sale secured Henry Boot a robust ungeared internal rate of return of 21.8% per annum.
The Pickford Gate site has received outline planning consent to host approximately 645,000 sq ft of employment space, including facilities for industrial, logistics, and research and development sectors. Hallam Land initially secured a planning promotion agreement with the site’s landowners in 2015, leading to a planning application in 2018. The approval, granted in 2021, encompasses a larger project that includes 2,400 residential units—of which at least 25% will be designated for affordable housing—alongside a primary school, community facilities, green spaces, and playing fields.
Strategic Location and Infrastructure Developments
The Pickford Gate development boasts a strategic location with direct connectivity to the A45 dual carriageway, ensuring easy access to Coventry, Birmingham, and surrounding key transportation routes. A major infrastructure upgrade, funded through the Homes England Housing Infrastructure Fund (HIF), saw the completion of a new road junction in April 2024, further enhancing site accessibility and connectivity.
Hallam Land’s Ongoing Development Activity at Pickford Gate
This latest transaction marks Hallam Land’s third sale within the Pickford Gate project. Previous disposals include the sale of 247 plots to Countryside Partnerships in March 2023 and 491 plots to David Wilson Homes in September 2024. With 1,662 plots still under its ownership, Hallam Land has ample opportunity for future development and sales within this expansive project.
Advisors and Agents Involved in the Sale
Hallam Land was represented by Shoosmiths LLP for legal counsel, while property agents Newton LDP and Hollis Hockley acted on behalf of Hallam Land and the landowners in completing the sale to Royal London Asset Management.
