RCS - Boot(Henry) PLC - Henry Boot commences £66 million development

Henry BootAnnouncement

07/03/2022 07:00

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RNS Number : 7561D  Boot(Henry) PLC  07 March 2022

 

07 March 2022

HENRY BOOT PLC

('Henry Boot' or 'the Group')

HENRY BOOT COMMENCES £66 MILLION SPECULATIVE OFFICE DEVELOPMENT IN MANCHESTER
TO CAPTURE STRONG DEMAND FOR REGIONAL OFFICES

Henry Boot PLC announces that its property investment and development
business, HBD, alongside its 50:50 joint venture partner, Greater Manchester
Pension Fund (GMPF), has commenced on the Island, a £66m GDV speculative
office development.

 

Located in a key site in Manchester city centre's prime core, Island will see
the sustainable redevelopment of a 10-storey building into
c.100,000 sq ft of net zero carbon, smart-enabled office accommodation. The
building is targeting the highest sustainability certifications, including an
EPC 'A' rating, BREEAM Excellent and a 5.5 star carbon NABERS rating.

 

Bowmer + Kirkland has been appointed the main contractor to build the scheme,
with construction of the Cartwright Pickard designed scheme scheduled to
commence this month with practical completion due in summer 2024.

 

Close to both Spinningfields and St Peter's Square in Manchester city centre,
Island is surrounded by an abundance of leisure and dining amenities and
public transport connections. Manchester's office letting market remained
robust throughout the pandemic, with prime space continuing to be in demand.
Availability of offices with outstanding ESG credentials is particularly
scarce, with a number of corporates seeking a regional base only considering
offices that meet the highest sustainability standards, which Island's net
zero carbon proposition satisfies.

 

HBD, led by strong customer demand and in line with its strategic target,
continues to build up its committed development programme, the vast majority
of which is either pre-let or pre-funded.

 

Ed Hutchinson at HBD, commented: "Our decision to speculatively develop Island
is a real statement of intent, and demonstrates our confidence not only in
Manchester but in the future of workspace more broadly. While working patterns
have evolved, demand for high-quality, well-located office space remains
robust. Targeting the highest sustainability standards, the project's
innovative design, combined with its people-focused and 'smart' office space,
align perfectly with the enhanced standards the modern occupier demands."

 

Councillor Brenda Warrington, Chair of GMPF said: "The start of work on site
at Island is a major landmark for the development and the Manchester City
Centre office market.  As the next generation of office accommodation
reflecting new ways of flexible working, our ambition is to achieve zero
carbon and provide the highest levels of accessibility required by future
occupiers.   Funding from GMPF to projects such as this, meets our twin aims
of achieving a good return for our members' pensions, whilst also delivering a
positive economic and social regeneration impact on the city."

 

Enquiries:

 

Henry Boot PLC

Tim Roberts, Chief Executive Officer

Darren Littlewood, Group Finance Director

Daniel Boot, Group Communications Manager

Tel: 0114 255 5444

www.henryboot.co.uk

 

Numis Securities Limited

Joint Corporate Broker

Garry Levin

Tel: 020 7260 1000

 

Peel Hunt LLP

Joint Corporate Broker

Charles Batten/Harry Nicholas

Tel: 020 7418 8900

 

FTI Consulting

Financial PR

Giles Barrie/ Richard Sutherland

020 3727 1000

 

About Henry Boot PLC

 

Henry Boot PLC (BOOT.L) was established over 135 years ago and is one of the
UK's leading and long-standing property investment and development, land
promotion and construction companies. Based in Sheffield, the Group is
comprised of the following three segments:

 

Land Promotion:

Hallam Land Management Limited
(http://www.henryboot.co.uk/our-businesses/hallam-land-management/)

 

Property Investment and Development:

Henry Boot Developments Limited (HBD)
(http://www.henryboot.co.uk/our-businesses/hbd/) , Stonebridge Homes Limited
(http://www.henryboot.co.uk/our-businesses/stonebridge-homes/)

 

Construction:

Henry Boot Construction Limited
(http://www.henryboot.co.uk/our-businesses/henry-boot-construction/) , Banner
Plant Limited (http://www.henryboot.co.uk/our-businesses/banner-plant/) , Road
Link (A69) Limited (http://www.henryboot.co.uk/our-businesses/road-link-a69/)

 

The Group possesses a high-quality strategic land portfolio, a proven
reputation in the property development market for creating places with
purpose, backed by a substantial investment property portfolio and an
expanding, jointly owned, housebuilding business. It has a construction
specialism in both the public and private sectors, a plant hire business, and
generates strong cash flows from its PFI contract, Road Link (A69) Limited.

 

www.henryboot.co.uk (http://www.henryboot.co.uk)

 

 

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