Henry Boot sells Lancashire business park for £10m

(Sharecast News) - Property developer Henry Boot has finalised a £9.5m sale of a multi-let industrial led business park in West Lancashire. Henry Boot's property investment and development arm HBD has completed the sale of TWO45 to an unnamed European real estate developer.

The deal also includes planning consent for an expanded redevelopment of the 10-acre site in Skelmersdale, secured last year.

The sale will result in an ungeared internal rate of return of 25% per annum, Henry Boot said.

"This sale represents a highly successful conclusion of our business plan for TWO45," said chief executive Tim Roberts.

"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."