9th Jun 2025 08:48
(Alliance News) - Henry Boot PLC on Monday said its property investment and development arm, HBD, has completed the sale of TWO45, a multi-let industrial led business park, for a total of GBP9.5 million.
The Sheffield, England-based property development, home building and construction company said the ten-acre park in Skelmersdale, Lancashire, was sold to a European real estate developer, which it didn't name, and included planning consent for an expanded redevelopment
The sale will result in an ungeared internal rate of return of 25% a year.
HBD acquired the site near the M58 and M6 motorways in 2021 and has since grown its total gross rental income by 33% to GBP518,000 a year through active asset management, it said.
The existing building consists of three warehouse units totalling 117,800 square feet, as well as multi-let offices spanning more than 30,000 square feet.
HBD then submitted a planning application in late 2023 and won consent in November 2024 for a new 245,000 square foot industrial unit, representing a 66% increase in total square footage.
"This sale represents a highly successful conclusion of our business plan for TWO45. Our HBD team's asset management has achieved both significant rental growth and created, now crystallised, value for the group by securing planning permission for a larger and more sustainable, prime industrial development," said Henry Boot Chief Executive Officer Tim Roberts.
Shares in Henry Boot were flat at 217.00 pence each in London on Monday morning. The stock is up 4.8% over the past year.
By Emily Parsons, Alliance News reporter
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