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LONDON - UK-based Henry Boot PLC has successfully completed the sale of its logistics site, TWO45, situated in Skelmersdale, Lancashire, to an unnamed European real estate developer for £9.5 million. The transaction was announced by the company’s property investment and development arm, HBD.
TWO45, a 10-acre multi-let industrial and office park, is strategically located near major transport links, including the M58 and M6 motorways. The site was initially acquired by HBD in 2021 and features warehouse units totaling 117,800 square feet alongside multi-let offices extending over 30,000 square feet. Since its acquisition, Henry Boot has increased the property’s gross rental income by 33% to £518,000 annually through strategic asset management.
In late 2023, HBD submitted a planning application and, in November 2024, obtained consent for the development of a new 245,000 square foot industrial unit. This development aims to achieve a BREEAM Excellent rating for its environmental performance, and will include features such as 15-meter eaves, photovoltaic panels, electric vehicle charging points, and market-ready infrastructure.
The sale of TWO45 is expected to yield an ungeared internal rate of return of 25% per annum for Henry Boot. The European developer purchasing the property will oversee the new development project.
Tim Roberts, CEO of Henry Boot, stated, "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."
Henry Boot PLC is a prominent player in the UK’s land, property development, home building, and construction sectors. The company operates across various markets, including urban development, industrial and logistics, and residential, with a development pipeline valued at £1.2 billion.
This strategic disposal is part of the company’s broader growth and sustainability objectives, including an ambitious goal to achieve Net Zero Carbon by 2030. The information regarding the sale of TWO45 is based on a press release statement issued by Henry Boot PLC.
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