Henry Boot announces that its property investment and development business, HBD, alongside Barnfield Group, completed the sale of EAST, a 223,000 sq ft logistics scheme in Preston. Sold to Titan Investors at the end of 2022 in a circa £30m transaction, the sale price represents a 10% premium to the last reported book value.
Holding a prime location along the M6’s key distribution corridor on the outskirts of the Lancashire city of Preston, the 18-acre site includes three fully let buildings alongside a final development plot with consent for a 30,000 sq ft warehouse that will be delivered directly by Titan.
This disposal follows recent pre-lets at EAST with DHL and DPD, taking 63,000 sq ft and 59,000 sq ft respectively, with an overall scheme WAULT of 16 years. The first phase of the scheme was delivered in December 2021.
“EAST is yet another hugely successful industrial and logistics scheme delivered by the Group - it has drawn strong interest from potential occupiers since development began on site, demonstrating the continued demand for high-quality Grade A industrial and logistics space in key locations. Having secured deals with both DPD and DHL, and on the back of a very successful first phase, EAST represented an excellent investment prospect for Titan Investors.”
Tim Roberts, CEO of Henry Boot“We knew when the 18-acre site came to the market that it would be in great demand. It has been a very rewarding project to work on from concept master planning, construction, lettings and completing the sale and all within 3 years.”
Tracy Clavell-Bate, Head of Development and Acquisitions at Barnfield Group
