02 August 2023
HENRY BOOT PLC
(‘Henry Boot’ or ‘the Group’)
HENRY BOOT EXPANDS LUTON BUSINESS PARK WITH LATEST COMPLETION
Henry Boot announces that its property investment and development business, HBD, has completed a new 85,000 sq. ft. building at the 83-acre Butterfield Business Park in Luton, Bedfordshire. The £16m Gross Development Value (GDV) unit has been purpose-built for occupier Shoal Group, an electrical component supplier, and comprises 70,000 sq. ft. of warehouse space alongside offices spanning 15,000 sq. ft.
Butterfield Business Park has become a leading business destination, offering a range of options for large companies through to smaller SMEs and is a key driver of inward investment – attracting new businesses, jobs and opportunities to Luton. Located to the North East of Luton Town Centre, Butterfield Business Park is ten minutes from Luton Airport and 20 minutes from the M1.
Henry Boot became involved in the site in 2015 and diversified its offering away from offices to cater to multiple uses and capitalise on demand for warehouse and logistics space in this prime location. Its Quad scheme completed in early 2019, followed by the second phase last year. A third phase is currently in development, providing modern space for SMEs to grow.
The £16m GDV unit will be retained within the Group’s £106m investment portfolio, in line with the businesses strategic target of growing the portfolio back to a value of £150m, which will primarily be achieved by retaining completed developments that meet the investment criteria and by acquiring investments with future redevelopment potential.
Tim Roberts, CEO of Henry Boot PLC, commented: “Well-connected locations continue to be attractive to businesses of all sizes, enabling them to set-up, grow and diversify. The latest completion at Butterfield Business Park demonstrates the strength of our proposition in Luton, attracting a broad range of companies and reinforcing the decision we took to diversify delivery to include warehouse and logistics space.”