Henry Boot’s land development and development firm Hallam Land Management (HLM) announces it has swapped over the sale of a 125-plot site in Tonbridge, Kent, to national builder Cala Homes .
Located north of Lower Haysden Lane in Tonbridge, the 26-acre site was originally optioned by HLM alongside MJ Gleeson PLC in 2004, with full ownership subsequently purchased by HLM independently in 2021. The site has secured this year a full planning agreement for delivery. 125 new housing units, 40% of which are affordable, as well as attractive green spaces and new ecological housing zones.
Other community benefits provided under the planning permission include new cycle and pedestrian links to a local train station, a contribution towards improving public transport infrastructure and a sustainable travel voucher for each new home. An extensive Section 106 program will also provide funds to improve local secondary school provision, social care and make improvements to the Tonbridge Adult Education Center, local medical and community centers, and sports fields and youth facilities.
The transaction has resulted in an unencumbered internal rate of return of 27% per annum and will be completed in two phases in 2023 and 2024. It represents further progress towards the annual sales target of 3,500 plots of HLM , HLM remaining on track to achieve its objectives. medium-term growth strategy.
Tim Roberts, CEO of Henry Boot PLC, said: “This divestment represents another example of our team’s cutting-edge expertise in solving complex planning issues to create significant value while delivering new homes, community facilities and open spaces in undersupplied areas of Britain. There remains strong demand for strategic low-rental land from major homebuilders across the country. This transaction keeps us on track to achieve our medium-term growth objectives supported by a strong housing market combined with HLM’s continuously renewed land reserve and unique planning capabilities.