Henry Boot completes £2.6m residential land sale

RNS Number : 0761B

Boot(Henry) PLC

08 June 2021

 

08 June 2021

HENRY BOOT PLC
('Henry Boot' or 'the Group')

Henry Boot completes £2.6m residential land sale with Barratt Developments

The Group's land promotion business, Hallam Land Management (HLM), has completed the sale of 116 plots to national housebuilder Barratt Developments at a total price of £2.6m. The site is located in Burdiehouse, on the edge of Edinburgh and represents the third in a series of completions on the site, which in total has now sold 449 plots in three separate phases for a total price of £12.8m.

The 75-acre site was first contracted under option in 2006 and after a period of sustained promotion through the City of Edinburgh Local Plan review process, the land was partially granted Planning in Principle for approximately 100 houses in February 2012. The site was subsequently purchased in Autumn 2012 whilst negotiations on a planning gain package were still ongoing. Additional community benefits included within the planning gain package are contributions towards new cycle path networks and a healthcare facility.  

After purchasing the freehold, the first phase was marketed and sold to Barratt Developments in 2013, with subsequent phases sold through to this year. The first phase was granted outline consent for 122 houses in June 2012 and was sold in 2013. After which, a further Phase 2 sale for 211 houses and flats was completed in August 2015, the construction of which was completed in May 2021. Finally, after a long Examination process, the City of Edinburgh Local Development Plan was adopted in November 2016 with a further 20 acres identified for housing, which resulted in HLM selling an additional 116 plots as part of the third and latest phase.

Nick Duckworth, Managing Director of HLM, said: "We are delighted to have completed the third sale to Barratt Developments on our thriving site in Burdiehouse. There continues to be a strong demand from housebuilders across the UK for strategic land and we remain actively focused on replenishing our land bank to ensure we can continue to meet this demand."

Philip Barnes, Group Land and Planning Director of Barratt Developments, said: "The site at Burdiehouse comprises another HLM site in a strong market area acquired by the Group, continuing the relationship between the businesses. HLM consistently secure good and marketable consents and present the product to the market in a very professional manner."

For further information, please contact:

Henry Boot PLC

Tim Roberts, Chief Executive Officer

Darren Littlewood, Group Finance Director

Daniel Boot, Group Communications Manager

Tel: [phone]

www.henryboot.co.uk

Numis Securities Limited

Joint Corporate Broker

Garry Levin/George Fry

Tel: [phone]

Peel Hunt LLP

Joint Corporate Broker

Charles Batten/Harry Nicholas

Tel: [phone]

Hudson Sandler

Financial PR

Nick Lyon/Wendy Baker

Tel: [phone]

About Henry Boot PLC

Henry Boot PLC (BOOT.L) was established 135 years ago and is one of the UK's leading and longest standing land promotion, property investment and development, and construction groups of companies. Based in Sheffield, the Group comprises the following three segments:

Land Promotion:

Hallam Land Management Limited

Property Investment & 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, an enviable reputation in the property development market 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

 

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