Henry Boot’s land promotion and planning business, Hallam Land Management (HLM), has sold its 125-home site in Tonbridge, Kent to Cala Homes.
The 26-acre site, located north of Lower Haysden Lane, achieved full planning consent this year for 125 new homes, 40% of which will be affordable.
The site was originally contracted under option by HLM alongside MJ Gleeson in 2004, with the freehold subsequently purchased by HLM independently in 2021. The site was then sold to Cala Homes for an undisclosed price.
The planning consent for the site includes community benefits such as new cycle and pedestrian links to a local railway station, a contribution to improved public transport infrastructure, and a sustainable travel voucher for each new home.
An extensive section 106 package will also provide funds to enhance local secondary school provision and social care, improve Tonbridge Adult Education Centre, local medical and community centres, and refresh sporting grounds and youth facilities.
The transaction has resulted in an ungeared internal rate of return of 27% per annum, and will complete in two phases across 2023 and 2024.
Tim Roberts, chief executive at Henry Boot, said: “This disposal represents yet another example of our team’s industry-leading expertise in resolving complex planning matters in order to create significant value while bringing forward new homes, community facilities, and open spaces in undersupplied areas of the UK.
“There remains robust demand for HLM’s strategic land plots from leading housebuilders across the country. This transaction keeps us well on track to meet our medium-term growth objectives, supported by a strong housing market combined with HLM’s continuously replenished land bank and unique master planning capabilities.”
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