Acquisition of site in Manchester

 

10 August 2020

 

HENRY BOOT PLC
('Henry Boot' or 'the Group')

Acquisition of site in Manchester

 Henry Boot PLC has acquired a key site in Manchester's St John's district, from The LTE Group through its development business HBD.

This site presents a further development opportunity in a thriving, growing and successful city, in which the Group is already developing several high-profile projects. After monitoring this building for some time, the Group has secured a promising development opportunity which gives optionality to either refurbish or redevelopment at a total end price based on phased payment of c£10m.

The Group will gain vacant possession of the building following relocation of Manchester College, part of The LTE Group, in late 2022. Prior to this, Henry Boot will receive rental income from the college whilst working on the project's redevelopment plans. Subject to planning, the site could have capacity to develop up to 170,000 sq ft.

Henry Boot will remain prudent in its investments to protect its strong financial position during the current pandemic. However, with committed schemes already 90% pre-let or pre-sold, the Group can focus on securing new opportunities. Looking ahead, replenishing the development pipeline, which currently consists of residential, industrial and logistics, and urban regeneration development opportunities, will remain a focal point.

 

Ed Hutchinson, MD of HBD, said: "This is an exciting addition to the Groups development pipeline. The building offers flexibility in its redevelopment and we look forward to progressing our plans, as we continue to play our part in the regeneration of Manchester."

 

-ends-

 

Enquiries:

 

Henry Boot PLC

Tim Roberts, Chief Executive Officer

Darren Littlewood, Group Finance Director

Daniel Boot, Group Communications & Brand Coordinator

Tel: 0114 255 5444

www.henryboot.co.uk

 

Numis Securities Limited

Joint Corporate Broker

Garry Levin/George Fry

Tel: 020 7260 1000

 

Peel Hunt LLP

Joint Corporate Broker

Charles Batten/Harry Nicholas

Tel: 020 7418 8900

 

Hudson Sandler

Financial PR

Nick Lyon/Wendy Baker

Tel: 020 7796 4133

 

 

About Henry Boot PLC

 

Henry Boot PLC (BOOT.L) was established over 130 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

 

Property Investment and Development:
Henry Boot Developments Limited (HBD), Stonebridge Homes Limited

 

Construction:
Henry Boot Construction Limited, Banner Plant Limited, Road Link (A69) Limited

 

The Group possess a high-quality strategic land portfolio, an enviable reputation in the property development market backed by a substantial investment property portfolio and an expanding, jointly owned, house building business. It has a construction specialism in both the public and private sectors, a long-standing plant hire business, and generates strong cash flows from its PFI contract through Road Link (A69) Limited.

 

www.henryboot.co.uk