Henry Boot announces that HBD, the group’s property investment and development arm, has completed the sale of TWO45 to a European real estate developer for a total of £9.5 million.
The multi-let industrial led business park with a planning consent for an expanded redevelopment is located in Skelmersdale.
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 117,800ft², plus multi-let offices spanning more than 30,000ft².
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 and secured consent in November 2024 for a new 245,000ft² industrial unit, representing a 66% increase in total ft² compared with the building it will replace.
Targeting a BREEAM ‘Excellent’ environmental certification, the new development has 15m eaves, PV panels, EV charging points.
Lastly, 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.
CEO at Henry Boot Tim Roberts said: “This sale represents a highly successful conclusion of our business plan for TWO45, where our HBD team’s asset management has achieved both significant rental growth and created future value by securing planning permission for a larger and more sustainable, prime industrial development.”