Henry Boot’s land planning business Hallam Land Management (HLM) has agreed to sell a 125-plot site in Tonbridge, Kent to Cala Homes.
Located north of Lower Haysden Lane in Tonbridge, the 26-acre site was originally contracted under option by HLM alongside MJ Gleeson PLC in 2004, with the freehold subsequently purchased by HLM independently in 2021.
The site achieved full planning consent this year for the delivery of 125 new homes, 40% of which will be affordable, alongside attractive open spaces and new ecological habitat areas.
Additional community benefits being provided under the planning consent include 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, social care and make improvements to Tonbridge Adult Education Centre, local medical and community centres, as well as sporting grounds and youth facilities.
The transaction has resulted in an ungeared internal rate of return of 27% p.a. and will complete in two phases across 2023 and 2024. It represents further progress in achieving HLM’s annual sales target of 3,500 plots, with HLM remaining well on track to deliver against its medium-term growth strategy.
Tim Roberts, CEO of Henry Boot PLC, commented: “This disposal represents yet another example of our team’s industry leading expertise in resolving complex planning matters in order to create significant value whilst 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 masterplanning capabilities.”