Henry Boot’s development arm is looking at residential plans for a multi-let industrial estate on the outskirts of Manchester city centre.
Henry Boot has paid £5.8m to buy City Court from Urban Splash and Pears Group, reflecting a net initial yield of 4.1%. The 26,900 sq ft industrial estate in the Ancoats neighbourhood is let to eight tenants, including Ticketmaster UK and Sky Telecommunications Services.
The estate has an average rent per square foot of less than £10, and Henry Boot pointed to the scope for rental growth and asset management opportunities, adding that in the medium term it is exploring plans for “a significant urban residential development”.
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