30 April 2021
HENRY BOOT PLC
('Henry Boot' or 'the Group')
Henry Boot to get underway with 44-acre Walsall project
Henry Boot has announced a major milestone on one of the West Midlands' largest development projects, with Phoenix 10 given approval at planning committee subject to a limited number of matters.
The Group's property development business, HBD, is delivering Phoenix 10, a £114m GDV industrial and logistics scheme, on behalf of partners Walsall Council, Homes England and the West Midlands Combined Authority. The Black Country LEP has provided grant funding for the completion of remediation works.
The planning approval at the 44-acre scheme will provide up to 620,000 sq. ft. of employment space, driving inward investment and creating circa 1,000 new jobs. Visible from the M6 and accessed via Junction 9 and 10, it is one of the region's best located schemes and is expected to attract strong interest from potential occupiers.
Given its industrial past, the Walsall scheme requires extensive remediation works ahead of construction commencing, with the works planned to begin in Q3 2021.
Henry Boot continues to prudently seek out new investments to build its development pipeline which comprises three long-term markets: urban commercial, urban residential and industrial and logistics.
Ed Hutchinson, managing director of HBD, said: "The largest undeveloped brownfield site in the Black Country, Phoenix 10 presented an exciting opportunity for the Group. We will be drawing on our extensive expertise and track record in delivering large-scale employment sites to create a scheme that drives inward investment and supports a thriving regional economy."
Notes to the editor
Henry Boot PLC exchanged contracts with Walsall Council and Homes England on Phoenix 10 in November 2020. The 44-acre development scheme, located in Walsall, will be delivered by the Group's property development business, HBD, in partnership with Walsall Council and Homes England. This is the next milestone in the development allowing the Group to draw down funding for the remediation works.
Henry Boot PLC
Tim Roberts, Chief Executive Officer
Darren Littlewood, Group Finance Director
Daniel Boot, Group Communications Manager
Tel: 0114 255 5444
Numis Securities Limited
Joint Corporate Broker
Garry Levin/George Fry
Tel: 020 7260 1000
Peel Hunt LLP
Joint Corporate Broker
Charles Batten/Harry Nicholas
Tel: 020 7418 8900
Nick Lyon/Wendy Baker
Tel: 020 7796 4133
About Henry Boot PLC
Henry Boot PLC (BOOT.L) was established over 130 years ago and is one of the UK's leading and long-standing property investment and development, land promotion and construction companies. Based in Sheffield, the Group is comprised of the following three segments:
Hallam Land Management Limited
The Group possess a high-quality strategic land portfolio, an enviable reputation in the property development market backed by a substantial investment property portfolio and an expanding, jointly owned, house building business. It has a construction specialism in both the public and private sectors, a long-standing plant hire business, and generates strong cash flows from its PFI contract through Road Link (A69) Limited.
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