Henry Boot outlines £150m investment portfolio target

Henry Boot has acquired two properties in its strategy to build a £150m investment portfolio. The developer has bought Allied Business Centre, a 150,000 sq ft industrial estate in Skelmersdale, Lancashire from West Pimbo for just over £4.7m. The estate comprises 117,800 sq ft of warehouse space plus serviced offices, totalling more than 30,000 sq ft. The property generates total rental income of circa £303,000 per annum, with pricing reflecting a net initial yield of nearly 6%. HBD has also purchased a former Sytner BMW 2.6-acre dealership in Birmingham’s Jewellery Quarter, with a view to delivering a circa £100m GDV residential-led, mixed-use scheme. The site was put up for sale last year by owners King Edward’s School and Sytner Group, as previously reported by EG. HBD said the deals formed part of its core development strategy targeting industrial and logistics, residential and urban development schemes. Ed Hutchinson, managing director of HBD, said: “These two deals are the latest in a series of acquisitions by HBD, which include a key site in Manchester’s St Johns district and the purchase of 60,000 sq ft in Mabgate, Leeds. “All of these latest acquisitions have significant future redevelopment potential and are an excellent strategic fit for our business.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette