RCS - Boot(Henry) PLC - HENRY BOOT AGREES SALE OF 494 RESIDENTIAL PLOTS

Henry BootAnnouncement

16/04/2024 07:00

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RNS Number : 6334K  Boot(Henry) PLC  16 April 2024

 

 

16 April 2024

HENRY BOOT PLC

('Henry Boot' or 'the Group')

HENRY BOOT AGREES SALE OF 494 RESIDENTIAL PLOTS IN CAMBRIDGESHIRE TO BARRATT

Henry Boot PLC announces that its land promotion and planning business, Hallam
Land Management ('HLM'), has unconditionally exchanged contracts for the sale
of 494 residential plots in Chatteris, North Cambridgeshire, to the David
Wilson Homes division of national housebuilder Barratt Developments. The sale
will complete in July 2024, with the transaction resulting in an ungeared
internal rate of return of 15% p.a.

 

HLM secured a Planning Promotion Agreement to promote the site on behalf of
British Steel Pension Fund Trustee Ltd in 2005. HLM promoted the land through
the planning process successfully securing outline planning consent for 1,000
residential plots in 2020 (including c.160 affordable homes). Henry Boot
retain the remaining 506 plots for future sale.

 

In addition to the provision of new homes, the complete Chatteris site will
bring a number of additional benefits to the local area as part of the
planning consent, including a primary school, a local community centre, green
infrastructure, open space and playing fields, as well as seven acres of
employment (office/general industrial/storage & distribution uses) and the
renovation of a Grade II listed Tithe Barn for commercial or community use.

 

Tim Roberts, CEO of Henry Boot PLC, commented: "This sale demonstrates the
continued demand we see for our premium sites, and is particularly encouraging
given the challenging market backdrop, with lower transaction volumes. This
disposal underscores our team's experience in securing planning permission on
complex sites and navigating them through an increasingly onerous planning
system, enabling us to sell them to housebuilders and accelerate the delivery
of much needed homes across the UK."

 

-ENDS-

Enquiries:

 

FTI Consulting

Richard Sunderland/Giles Barrie

Tel: 020 3727 1000

Email: henryboot@fticonsulting.com (mailto:henryboot@fticonsulting.com)

 

Henry Boot PLC

Tim Roberts, Chief Executive Officer

Darren Littlewood, Chief Financial Officer

Daniel Boot, Senior Corporate Communications Manager

Tel: 0114 255 5444

www.henryboot.co.uk

 

Deutsche Numis

Joint Corporate Broker

Ben Stoop

Tel: 020 7260 1000

 

Peel Hunt LLP

Joint Corporate Broker

Ed Allsopp / Charles Batten

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
(http://www.henryboot.co.uk/our-businesses/hallam-land-management/)

 

Property Investment and Development:
Henry Boot Developments Limited (HBD)
(http://www.henryboot.co.uk/our-businesses/hbd/) , Stonebridge Homes Limited
(http://www.henryboot.co.uk/our-businesses/stonebridge-homes/)

 

Construction:
Henry Boot Construction Limited
(http://www.henryboot.co.uk/our-businesses/henry-boot-construction/) , Banner
Plant Limited (http://www.henryboot.co.uk/our-businesses/banner-plant/) , Road
Link (A69) Limited (http://www.henryboot.co.uk/our-businesses/road-link-a69/)

 

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 (http://www.henryboot.co.uk)

 

 

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