Vistry buys more than 600 plots in the Midlands from land promoter

“The sale of 52 acres of employment land in Coventry to Royal London in November 2024 offset the volume reduction,” the firm said.

Hallam secured an initial planning promotion agreement with the landowners for the Pickford Gate site in 2015 and gained outline planning consent in 2021 for the 52 acre employment land parcel, as well as 2,400 homes.

At least 25% of the homes are slated to be affordable. A primary school, community facilities and playing fields will also be provided.

Tim Roberts, chief executive of Henry Boot, said: “This sale to Vistry is a significant transaction for Hallam, executing the phased sale of the wider Pickford Gate site according to plan, which will create thousands of much needed new homes in the area.

“It also highlights the continued demand for prime sites from leading national house builders.”

Land, development and property agency Newton LDP and law firm Shoosmiths advised Hallam on the sale.

Vistry and housing association Paradigm recently partnered with Blackstone-backed provider Leaf Living to deliver 370 homes near Oxford.

In December, the house builder was also granted planning approval for 479 new homes in Warwickshire as part of a joint venture.

Vistry ended 2024 with its third profit warning in three months, driven partly by delays to “expected year-end transactions and completions”.

The builder said it had decided not to proceed “with a number of proposed transactions where the commercial terms on offer were not sufficiently attractive”.

It also found build costs had been understated in some cases, which it attributed to “insufficient management capability”.