Henry Boot subsidiary sells roughly 600 plots in the Midlands
Property developer 's Hallam Land subsidiary has unconditionally exchanged contracts for the sale of roughly 600 plots in the Midlands, taking the firm's ungeared internal rate of return of 28% per annum.
Henry Boot said on Thursday that year-to-date plot disposals were now approximately 2,800 and noted that while that number was "marginally below" its sales target of 3,000, following last month's announcement of 52 acres of employment land in Coventry, it was now on track to meet its full-year financial target.
The London-listed group noted that Hallam's land bank now has planning consent on 9,611 plots, and a further 10,000 plots were expected to be submitted into the planning system over the next 12 months, leaving it in "a strong position" to meet its medium-term strategic target of selling 3,500 plots per year.
Chief executive Tim Roberts said: "This latest sale of a significant parcel of consented residential land means that Hallam Land is firmly on track to meet its targets for land sales in this financial year."
As of 0945 GMT, Henry Boot shares were up 3.57% at 232.0p.
Reporting by Iain Gilbert at Sharecast.com
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