It looks like your browser is not up to date.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Skip to main content
  • Register
  • Help
  • Contact us

Henry Boot purchases Manchester industrial estate for £5.8m

Fri 07 May 2021 09:25 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

(Sharecast News) - Construction firm Henry Boot said on Friday that it had purchased a multi-let industrial estate on the edge of Manchester for £5.8m, reflecting a net initial yield of 4.1%.

Henry Boot said its property development business, HBD, had acquired the City Court location, a 26,900 square foot industrial estate located on Poland Street in Manchester's Ancoats neighbourhood, from Urban Splash and Pears Group, with the property already fully let to eight tenants, including Ticketmaster UK and Sky Telecommunications.

The London-listed group noted that the estate had a low average rent per square foot of under £10 and stated it offered "good" rental growth and asset management opportunities, with the group adding that it would also explore opportunities for "a significant urban residential development".

HBD managing director Ed Hutchinson 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."

As of 0925 BST, Henry Boot shares were untraded at 278.0p.

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.



    More Small Cap news from ShareCast

    No results were found