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.”
