Henry Boot has announced that its land promotion and planning business, Hallam Land, has completed the sale of 52 acres of land for development at Pickford Gate, Coventry to Royal London Asset Management Property, the UK-based investment management company for an undisclosed sum. The sale has resulted in an ungeared internal rate of return for Henry Boot of 21.8% p.a.
The site has outline planning consent for circa 645,000 sq ft of new employment space comprising primarily industrial and logistics, as well as research and development facilities.
Hallam Land secured an initial planning promotion agreement with the landowners to promote the wider ‘Pickford Gate’ site in 2015. A planning application was submitted in 2018 which secured outline planning consent in 2021 for the 52-acre land parcel, as well as 2,400 homes, of which at least 25% are proposed for affordable housing, a primary school, district and local centres, green open spaces, community facilities and playing fields.
This is Hallam Land’s third sale at Pickford Gate, following the disposal to UK housebuilders, Countryside Partnerships (247 plots) in March 2023 and David Wilson Homes (491 plots) in September 2024. Hallam Land retains a further 1,662 plots for future sale.
The wider scheme includes the delivery of a new road junction which connects it directly to the A45 dual carriageway, providing access to Coventry, Birmingham and other key arterial roads. Hallam Land secured funding through the Homes England Housing Infrastructure Fund (HIF) process to deliver the junction, which was completed successfully in April 2024.
Shoosmiths LLP advised Hallam Land on the sale with property agents Newton LDP and Hollis Hockley acting for Hallam Land and the landowners.
This latest deal at Pickford Gate marks another successful outcome on behalf of both our shareholders and the landowners we have partnered with on the project. Pickford Gate will have a huge impact, transforming the local area, delivering much-needed homes and employment opportunities. We look forward to seeing the next phases of the development come to life
Tim Roberts, CEO at Henry BootThis acquisition aligns with our strategy to repurpose capital and enhance portfolio value. Together with our Development Manager, Graftongate, we are committed to creating best-in-class facilities for industrial and logistics occupiers, prioritising high-quality environments with advanced ESG standards. Our proposed scheme at Pickford Gate offers an exceptional opportunity, thanks to its prime location and strategic road connections, to bring much-needed multi-let mid-box space to a market currently dominated by large-scale logistics. We anticipate strong interest, particularly in this under-served regional sector.
James Orr, Head of Industrial & Logistics at Royal London Asset Management Property