Boot(Henry) PLC Acquisition of site in Manchester
August 10 2020 - 4:00AM
RNS Non-Regulatory
TIDMBOOT
Boot(Henry) PLC
10 August 2020
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
cGBP10m.
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
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END
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