Fiera Real Estate and Angle Property have sold a site at Rectory Farm, Kings Langley in Hertfordshire, to Cala Homes for £23m.
The site covers 16 acres and includes a detailed planning consent for 135 new homes, community facilities and six acres of public space.
Rectory Farm was purchased by Angle Property in February 2018 for £8.16m, through Fiera’s Residential Land Partnership. RLP was launched in October 2017 to help address the significant undersupply of housing across the UK while generating strong returns to investors through the acquisition and transformation of sites for residential development. This transaction is the fund’s sixth sale.
Angle secured planning consent for 55 homes on four acres of previously developed land, which was then sold on to Miller Homes in 2020 for £9.14m.
The remaining undeveloped green belt land was allocated for residential development in the draft Dacorum Borough Council local plan. However, a joint application by Angle and Cala Homes for 135 new homes with 40% affordable housing was refused in October 2023.
Angle proceeded to appeal the decision and, following a public hearing in May 2024, the appeal was granted. A further Grampian condition relating to Suitable Alternative Natural Greenspace was subsequently satisfied which in-turn enabled the sale to Cala Homes to complete in November 2024.
James Good, director of Angle Property, said: “This project has been quite a journey, so we are very pleased to have now completed the second phase sale to Cala Homes after what has been a roller-coaster planning process.
“We always believed that the site had the right characteristics for residential development, despite being technically green belt land. We are looking forward to seeing the scheme deliver 135 new homes and a new centre for the Sunnyside Rural Trust, an established local charity helping young adults with learning difficulties.”
Chris Button, head of investment management at Fiera Real Estate, said: “This project showcases how the combination of institutional investment and property company planning skill can bring sites forward for much needed housing, while delivering attractive returns for stakeholders.
“Housebuilders are generally unwilling to take planning risk, so it takes a joint venture like ours to bridge the delivery gap.”
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