Henry Boot’s property investment and development arm, HBD, has completed the sale of a multi-let industrial led business park in Skelmersdale, Lancashire, to a European real estate developer for £9.5m.
TWO45 comes with a planning consent for an expanded redevelopment. The 10-acre site, located just minutes from the M58 and M6 motorways, was acquired by HBD in 2021. The existing building consists of three warehouse units totalling 117,800 sq ft, plus multi-let offices spanning over 30,000 sq ft.
Since the acquisition, the property has been held within Henry Boot’s investment portfolio, during which time HBD has grown total gross rental income by 33% to £518,000 per annum through active asset management.
HBD submitted a planning application in late 2023 for a new 245,000 sq ft industrial unit and secured consent in November 2024. The development would represent a 66% increase in total square footage compared with the building it will replace.
Targeting a BREEAM Excellent environmental certification, the new development will have 15m eaves, PV panels and EV charging points.
The sale will result in an ungeared internal rate of return of 25% pa. The buyer of the property will take the lead on the new development independently.
Tim Roberts, chief executive at Henry Boot, said: “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.”
Image from HBD
Send feedback to Akanksha Soni
Follow Estates Gazette
