HBD has acquired a 150, 000 sq. ft. warehouse and office scheme in a multi-million deal as it continues to expand its investment portfolio with a target of £150million.
The deal is the latest in a series of acquisitions, including a key site in Manchester’s St Johns district and the purchase of 60, 000 sq. ft. across two buildings in Mabgate, Leeds. This latest acquisition follows the sale of a newly developed supermarket in Huyton in January, with the proceeds reinvested.
Allied Business Centre is located on the front of Lancashire’s West Pimbo Industrial Estate and comprises 117, 800 sq. ft. of warehouse space plus serviced offices spanning over 30,000 sq. ft.
It benefits from a strategic location adjacent to Junction 5 of the M58 and has been occupied by logistics firm Messenger Express Warehousing for more than 15 years.
HBD acquired the scheme from West Pimbo Limited, advised by investment agent, Carrick Real Estate.
Hamer Boot, Executive Director at HBD, said: “The industrial market has always been a core focus for our business and is a major component of our investment portfolio – Allied Business Centre is a good fit. It is well located with occupiers in place, produces a good level of income and will no doubt offer excellent redevelopment potential in the future.”
Lancashire is one of the top rent growth performers in the North West and benefits from excellent connectivity to the rest of the UK. Demand has been consistently strong for industrial space along the key motorway corridors through the county, namely the M58, M55, M65 and M6. The shortage of high-quality industrial stock means that voids are low. Demand for new space remains very high and was further exacerbated by the pandemic and the growth in ecommerce.
Industrial and logistics is a core focus for HBD, alongside urban residential and urban commercial projects. The developer is known for its expertise in delivering large-scale industrial schemes and is on site with numerous projects across the UK, including its 200-acre Wakefield Hub development in Yorkshire, a major regeneration project in Enfield, London – a JV with Enfield Council – and new projects at its flagship Markham Vale scheme. HBD also has several schemes underway in the South East, including Butterfield Business Park and Airport Business Park Southend.
HBD is one of the UK’s most active developers. Part of Henry Boot PLC, it is headquartered in Sheffield with offices in London, Bristol, Birmingham, Manchester, Leeds and Glasgow. The developer is currently working with a £1.4bn development pipeline.