Henry Boot PLC announces that its land promotion and planning business, Hallam Land Management (HLM), has completed on the sale of a 1,855-plot site in Milton Keynes to national housebuilder Taylor Wimpey UK Ltd.
HLM had an Option Agreement in place jointly with William Davis Homes and Taylor Wimpey UK Ltd for the long-term promotion of the land, benefitting from a discount to market value. HLM’s interest in the land accounted for 618 plots, with the remainder of the sale held by William Davis Homes. The transaction has resulted in an ungeared internal rate of return for Henry Boot of 14.0% p.a.
The 342-acre site is located to the South West of Milton Keynes, below the A421 between Bletchley and Newton Longville. Positioned around seven miles outside of the centre of Milton Keynes, a series of public transport improvements are set to further enhance the site’s connections to the surrounding area. Alongside 1,855 homes, of which 30% will be affordable, the site will feature 6.5 acres of employment land, a primary school, secondary school and a neighbourhood centre including retail and community buildings. Over 130 acres of green infrastructure will be delivered across the site, providing extensive play spaces, sports facilities and benefitting air quality and local ecology.
The site forms part of the South West Milton Keynes Consortium and approval was required from both Buckinghamshire Council and Milton Keynes Council. The cross-boundary scheme was granted approval in December 2022. An extensive Section 106 package will provide funds towards facilities and services benefitting both authorities, including Milton Keynes hospital, Buckinghamshire education services, extensive offsite highway works and new public transport infrastructure together with substantial pedestrian links.
“The sale of this site to a leading national housebuilder continues to demonstrate the benefit of working with Hallam Land Management to navigate complex planning arrangements and manage multiple stakeholders. This latest transaction represents a strong start to 2023, while the ongoing demand for new homes presents a significant opportunity for Henry Boot’s land promotion business. The team brings deep expertise in masterplanning and is able to ensure that strategically important sites can deliver a range of housing tenures, amenities and infrastructure improvements to the benefit of new and existing communities.”
Tim Roberts, CEO of Henry Boot
