Key city site acquired by listed developer

Sheffield-headquartered construction business, Henry Boot, has acquired a key site in Manchester’s St John’s district, from The LTE Group through its development business HBD.

It says this site presents “a further development opportunity in a thriving, growing and successful city”, in which the Group is already developing several high-profile projects.

The Group notes the deal gives it the option to either refurbish or redevelop at a total end price based on phased payment of about £10m.

The Group will gain vacant possession of the building following relocation of Manchester College, part of The LTE Group, in late 2022.

Prior to this, Henry Boot will receive rental income from the college whilst working on the project’s redevelopment plans. Subject to planning, the site could have capacity for up to 170,000 sq ft of development.

Ed Hutchinson, managing director of HBD, said: “This is an exciting addition to the Group’s development pipeline.

“The building offers flexibility in its redevelopment and we look forward to progressing our plans, as we continue to play our part in the regeneration of Manchester.”