Hallam Land Management made a strong start to the year with 2,148 plots sold in the period, across 15 sites. At the end of June 2019, we had exchanged contracts for the sale of a further 332 plots and a site for a retirement care complex, to complete later in 2019. Since the end of June 2019, we have additionally completed sales on a further 90 plots.
At 30 June 2019, Hallam Land held interests in 178 sites equating to 14,077 acres, slightly down from 14,325 acres at December 2018, of which 1,412 acres are owned, 2,634 under option and 10,031 are under planning promotion agreements. During the six months, we secured planning consents/resolutions to permit consent for 1,086 plots on two sites and at 30 June 2019, we held planning consents/resolutions to permit consent for 15,427 plots on 41 sites, with a further 10,570 plots subject to planning applications on 23 sites. Our accounting policy is to hold these strategic land sites as inventory, at the lower of cost or net realisable value, and therefore the assets do not benefit from judgemental valuation gains.
The continued availability of land with planning consents in good quality locations, providing choice for housebuilders, coupled with further advances in the development agreements associated with those consents, has ensured that pressure on land pricing and average returns per plot has continued. The UK’s exit from the EU has not impacted our business activity in the first half of the year, but the change in political persuasion of several local authorities in recent local elections has resulted in additional delay and uncertainty in relation to some of our projects. However, we continue to source a very healthy number of new opportunities in strong market locations.
As we enter the second half of 2019, the majority of Hallam Land’s business for the current year is either contractually exchanged or at an advanced stage of negotiation. In addition, we have also contractually exchanged sale contracts on six sites for over 760 plots which will complete in either 2019 or 2020.
Hallam Land Management is a part of the Henry Boot Group of Companies.
The Modern Slavery Act 2015 - Group Statement: View here
“Henry Boot PLC and its Group Companies has, following the introduction of the Modern Slavery Act 2015 (the “Act”) implemented a number of measures which seek to bring about greater transparency and scrutiny into our various supply chains, in order to combat slavery and trafficking activities. Further to this, over the past year we have been reviewing the measures put in place and seeking to identify additional actions to strengthen our due diligence and transparency. The aim of the Act is in line with our own ‘Henry Boot Way’ Vision and Values, as updated in 2017, which include ‘Respect’, ‘Integrity’ and ‘Collaboration’, all of which are relevant to our approach in this regard.
We continue to keep under regular review our Human Trafficking and Slavery Statement (the ‘Statement’), setting out the activities undertaken to reduce the risk of slavery and trafficking activities being present within our business operations. These measures include the introduction of an Anti-Slavery Policy, due diligence requirements, and mandatory contract clauses seeking compliance by our supply chain with appropriate anti-slavery measures. Additional measures that have recently been put into place to increase knowledge and vigilance throughout our organisation and supply chain include posters and awareness cards across our sites.
We will continue to regularly work with our partners, contractors, suppliers and other stakeholders, as well as keeping industry best practice under review, to monitor our approach for effectiveness, and consider any changes or additional measures as appropriate.”
Click here to view the full statement.
Henry Boot PLC
Chief Executive Officer