HENRY BOOT PLC
('Henry Boot' or 'the Group')
Henry Boot announces £5.8 million Manchester acquisition
Henry Boot has purchased a multi-let industrial estate on the edge of Manchester City Centre for £5.8 million, with the price reflecting a net initial yield of 4.1%.
The Group's property development business, HBD, has acquired City Court, a 26,900 sq. ft. industrial estate located on Poland Street in the city's Ancoats neighbourhood, from vendors Urban Splash and Pears Group. The property is fully let to eight tenants, including Ticketmaster UK and Sky Telecommunications Services.
The estate has a low average rent per square foot of under £10 and offers good rental growth and asset management opportunities. In the medium term the Group will also explore the opportunities for a significant urban residential development.
The acquisition will be retained in the Group's investment portfolio and forms a part of Henry Boot's core strategy of targeting industrial and logistics, residential and urban development schemes.
Ed Hutchinson, managing director of HBD, said:
“City Court is the latest in a series of strategic acquisitions in 2021 for Henry Boot. The property is situated on a 1.3-acre site which forms part of the Ancoats and New Islington Neighbourhood Development Framework presenting an opportunity for future urban residential development.”