Henry Boot sells Kent site six months after securing planning

(Sharecast News) - Land and property developer Henry Boot has announced the sale of a plot of land in Kent with planning permission for 112 residential homes. Henry Boot said on Wednesday afternoon that its Hallam Land sold the site at Yalding to Ferham Homes, generating an ungeared internal rate of return of 37% per annum.

The company said the deal moves Hallam Land a little closer to hitting its annual sales target, but did not disclose any financial details.

The land promotion and planning division of Henry Boot bought the 23-acre site, situated between Maidstone and Royal Tunbridge Wells, in late-2018, before submitting a planning application in November 2023.

The plans, which include 40% affordable housing, were approved in December of last year.

"Completing this sale to Fernham Homes less than six months after securing planning, underscores strong demand from housebuilders for well-located land that is unlocked for housing delivery," said Henry Boot's chief executive Tim Roberts.

"This transaction continues Hallam Land's positive start to the year, building on momentum achieved through an accelerated timeline for planning permissions under the current government. It also secures the provision of more homes in an area which lacks new housing supply and will deliver a tangible positive environmental and social impact on the area."

Henry Boot's share price finished Wednesday's session up 1.4% at 226p.