RCS - Boot(Henry) PLC - Henry Boot completes £9.5m sale of logistics site

Henry BootAnnouncement

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RNS Number : 8421L  Boot(Henry) PLC  09 June 2025

Henry Boot completes £9.5m sale of prime logistics site TWO45 in Lancashire

 

Henry Boot announces that HBD, the group's property investment and development
arm, has completed the sale of TWO45, a multi-let industrial led business park
with a planning consent for an expanded redevelopment, in Skelmersdale, to a
European real estate developer for a total of £9.5m.

 

The 10-acre site, located just minutes from the M58 and M6 motorways, was
acquired by HBD in 2021. The existing building consists of three warehouse
units totalling 117,800 sq ft, plus multi-let offices spanning over 30,000
sq ft. Since the acquisition, the property has been held within Henry Boot's
investment portfolio, during which time HBD has grown total gross rental
income by 33% to £518,000 per annum through active asset management.

 

In addition, HBD submitted a planning application in late 2023 and secured
consent in November 2024 for a new 245,000 sq ft industrial unit, representing
a 66% increase in total square footage compared with the building it will
replace. Targeting a BREEAM Excellent environmental certification, the new
development will boast 15m eaves, PV panels, EV charging points, as well as
market ready infrastructure and power provision that will set a new benchmark
for quality and sustainability in this area.

 

The sale will result in an ungeared internal rate of return of 25% p.a. The
buyer of the property will take the lead on the new development independently.

 

Tim Roberts, CEO at Henry Boot, commented: "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."

ENDS

Notes to editors

Henry Boot is one of the UK's leading land, property development, home
building and construction businesses - and we've been transforming land and
spaces since 1886. Listed on the London Stock Exchange since 1919, we're
renowned for quality, expertise, delivery and a partnership approach across
the group - which comprises, Hallam Land, HBD, Stonebridge Homes, Henry Boot
Construction, Banner Plant and Road Link.

 

Operating across the UK, and employing over 500 people, we focus on three key
markets: urban development, industrial and logistics and residential. Hallam
Land manages one of the top five largest land portfolios in the country, with
the potential to facilitate over 100,000 homes. HBD manages a development
pipeline of £1.2bn, the equivalent of 6m sq ft of developments across our key
markets, while maintaining a £107m investment portfolio, of which 72% of the
properties have an EPC rating of 'C' or higher. Stonebridge, our jointly owned
home building business, manages a land portfolio capable of delivering
1,700 homes, with an ambition to deliver up to 600 new homes a year.

 

Henry Boot Construction has extensive experience in both the public and
private sectors, including major projects such as the £200m regeneration of
Barnsley town centre, and The Cocoa Works, a £57m residential development in
York. For over 65 years, Banner Plant has supplied construction products and
services, operating from seven regional depots in the North of England.

 

We have also developed an ambitious Responsible Business Strategy to help us
meet our aim of being Net Zero Carbon by 2030, and to deliver, by 2025,
charitable, community and education work valued at £1m.

 

From land promotion, property development and investment to home building,
construction and plant hire, Henry Boot is where great places start.

 

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

 

Enquiries

 

FTI Consulting

Richard Sunderland / Giles Barrie

07894 797067 / 07798 926814

henryboot@fticonsulting.com

 

Henry Boot PLC

Tim Roberts, Chief Executive Officer

Darren Littlewood, Chief Financial Officer

Daniel Boot, Senior Corporate Communications Manager

07825 088807

dboot@henryboot.co.uk

henryboot.co.uk

 

Deutsche Numis

Joint Corporate Broker

Ben Stoop

0207 260 1000

 

Peel Hunt LLP

Joint Corporate Broker

Ed Allsopp / Pete Mackie

0207 418 8900

 

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