HENRY BOOT AGREES SALE OF RETIREMENT DEVELOPMENT

Boot(Henry) PLC

23 May 2024

 

 

23 May 2024

HENRY BOOT PLC

('Henry Boot' or 'the Group')

HENRY BOOT AGREES SALE OF RETIREMENT DEVELOPMENT ON FORMER TERRY'S CHOCOLATE FACTORY SITE TO MCCARTHY STONE

Henry Boot announces that its property investment and development arm, HBD, has agreed a conditional sale of a two acre development site at The Chocolate Works in York to McCarthy Stone, the UK's leading developer and manager of retirement communities.

HBD and McCarthy Stone entered a partnership in 2019 and have subsequently promoted the site through the planning process together, achieving consent on appeal in March 2024 for a 72-home Retirement Living PLUS scheme. HBD will now work with McCarthy Stone to finish preparing the site for development, in line with its remaining contractual obligations, which is anticipated to complete in Q4 2024. McCarthy Stone will solely lead on the development of the purpose-built retirement accommodation.

The new retirement community marks the final phase of HBD's award winning 27 acre development, which included the transformation of the former 160,000 sq ft Terry's Chocolate factory into 163 premium apartments, delivering a total GDV of £110 million across seven schemes during the last decade. The wider site is also now home to the Brainkind Neurological Centre, which supports people recovering from complex brain injuries.

Tim Roberts, CEO of Henry Boot, commented: "Securing planning permission and agreeing the sale to McCarthy Stone of the last remaining land site at The Chocolate Works will bring much needed retirement living in York, helping address the huge demand for specialist retirement accommodation that exists right across the country. By adding retirement accommodation, which will also offer tailored levels of care, alongside the residential and other uses we have developed at the site, helps achieve our goal of creating a deep and multi-generational community at this transformed former factory. In addition, it brings HBD's award winning work on this significant project to a close while representing a strong outcome for our shareholders."

-ENDS-

Enquiries:

FTI Consulting

Richard Sunderland/Giles Barrie

Tel: [phone]

Email: [e-mail]

Henry Boot PLC

Tim Roberts, Chief Executive Officer

Darren Littlewood, Chief Financial Officer

Daniel Boot, Senior Corporate Communications Manager

Tel: [phone]

www.henryboot.co.uk

Deutsche Numis

Joint Corporate Broker

Ben Stoop

Tel: [phone]

Peel Hunt LLP

Joint Corporate Broker

Ed Allsopp / Charles Batten

Tel: [phone]

About Henry Boot PLC

Henry Boot PLC (BOOT.L) was established over 135 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:

Land Promotion:
Hallam Land Management Limited

Property Investment and Development:
Henry Boot Developments Limited (HBD), Stonebridge Homes Limited

Construction:
Henry Boot Construction Limited, Banner Plant Limited, Road Link (A69) Limited

The Group possesses a high-quality strategic land portfolio, a proven reputation in the property development market for creating places with purpose, backed by a substantial investment property portfolio and an expanding, jointly owned, housebuilding business. It has a construction specialism in both the public and private sectors, a plant hire business, and generates strong cash flows from its PFI contract, Road Link (A69) Limited.

www.henryboot.co.uk

 

END