Henry Boot completes £9.5m sale of prime logistics site TWO45 in Lancashire
Henry Boot announces that HBD, the group’s property investment and development arm, has completed the sale of TWO45, a multi-let industrial led business park with a planning consent for an expanded redevelopment, in Skelmersdale, to a European real estate developer for a total of £9.5m.
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.
In addition, HBD submitted a planning application in late 2023 and secured consent in November 2024 for a new 245,000 sq ft industrial unit, representing a 66% increase in total square footage compared with the building it will replace. Targeting a BREEAM Excellent environmental certification, the new development will boast 15m eaves, PV panels, EV charging points, as well as market ready infrastructure and power provision that will set a new benchmark for quality and sustainability in this area.
The sale will result in an ungeared internal rate of return of 25% p.a. The buyer of the property will take the lead on the new development independently.
Tim Roberts, CEO at Henry Boot, commented: “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.“