Annual Review

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Simon Collins
5 years ago
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2016 was an exceptionally busy year for the Company across all regions with great progress being made on the development of a wide variety of existing projects.

2 2 3 Managing s review 2016 was a great year David Anderson Managing Henry Boot Developments Welcome to the first Henry Boot Developments. I hope it will give you a better insight into what our regional development teams get up to across the UK was an exceptionally busy year for the Company across all regions with great progress being made on the development of a wide variety of existing projects. We also secured several new schemes which you will hear more about in years to come. Despite Brexit casting a shadow of ongoing economic uncertainty, and taking some heat out of many property sectors, the tangible impact was negligible for the Company, and I am pleased to report that no deals were lost because of it. We operate across multiple property sectors and work closely with a wide variety of both public and private sector organisations, and I think it is fair to say that we quickly recognised that despite media hype, the whole Brexit process will be a long run affair and in the meantime life has to go on. More immediate business needs ultimately prevailed for most. As most of you will appreciate property is a long-term business and all this didn t happen overnight. The Company s regional teams have invested thousands of hours and tens of millions of pounds, often over many years, with our partners, to achieve these results and full credit must be given for their efforts. The following pages will give you a flavour of our experience and skills the Company can offer. The future is never crystal clear but we build strong relationships with our partners and clients and take a long-term view of the property world. I do hope you enjoy reading this review and if your interest is peaked by any project please come and talk to us. Kampus Manchester We broke a number of records during 2016 the greatest level of unconditional forward funding commitments secured and the highest amount of floor space built out within any single year.

3 key statistics 78m 306m of property sales took place in the year of building contracts entered into during the year 875, m square feet of space built out of unconditional forward funding contracts exchanged

6 7 Sector activity Business Space Business space was our most active sector in 2016.

Investor appetite remained strong, despite wider economic uncertainties.

The vast majority of our industrial, warehouse and office developments were either pre-let or pre-sold to occupiers, including Great Bear Distribution Ltd, Ferdinand Bilstein, Atkins PLC, and

Residential Over the last few years the residential sector has expanded significantly beyond the more traditional build to buy format to encompass the private rented sector (PRS) and bespoke student

4 6 7 Sector activity Business Space Business space was our most active sector in Demand for a broad range of industrial and warehouse space was strong from both occupiers and investors with an increased number of occupiers committing to oven ready projects. Investor appetite remained strong, despite wider economic uncertainties. There continues to be a lack of new speculative business space across all regions and this is not likely to change in the near future. The vast majority of our industrial, warehouse and office developments were either pre-let or pre-sold to occupiers, including Great Bear Distribution Ltd, Ferdinand Bilstein, Atkins PLC, and Furniture Village. We are very experienced at being able to deliver bespoke schemes that meet occupier s operational and financial needs whilst removing the development risk for them. Residential Over the last few years the residential sector has expanded significantly beyond the more traditional build to buy format to encompass the private rented sector (PRS) and bespoke student accommodation, which is now a significant investment class in its own right. Henry Boot Developments residential activity has centred on the development of student housing projects, large city centre PRS schemes and residential conversion projects, involving both city centre office conversions and listed buildings. We frequently partner with specialist providers to ensure product delivery is optimised for a particular market. We recognise that residential development is especially sensitive to local market characteristics and local needs, and therefore we take a very flexible approach to the design and delivery of individual projects. 110 million of industrial and office developments commenced in 2016 The best indication of occupier satisfaction is securing repeat business and it was pleasing to see a number occupiers entering into follow on contracts during the year. Looking ahead we are pleased to have agreed terms on a range of business space projects set to commence during We are also making good progress on a number of brand new business park locations throughout the UK. Projects to deliver over 700 apartments commenced on site in 2016 Demand for all types of residential accommodation has remained robust and the multi format approach taken by Henry Boot Developments to this sector is designed to ensure we continue to deliver a strong mix of much needed new residential accommodation across the UK. Retail & Leisure Over 300,000 sq ft of retail, restaurant and hotel space under development Both the retail and leisure sectors continue to experience huge change in response to shifting consumer spending patterns and the rapid growth of online retailing. As a consequence, the majority of our retail development activity continues to be centred on edge of centre retail warehousing, together with both in-town and out of centre leisure developments. The retail developments undertaken in the year were pre-let to a variety of food and non-food retailers such as B&M Retail, Dunelm and Aldi. Good demand for this type of well configured flexible retail space at sensible rents continues in many areas. Our activity in the leisure sector remains very diverse and includes restaurants and hotels as well as more bespoke projects, most notably the 330m exhibition and conference centre currently under development in Aberdeen. Average retail rents are now significantly below the peaks experienced some years ago despite increasing development costs. The challenge continues to be to deliver well designed and commercially viable projects through partnerships with both landowners and retail and leisure operators. We continue to be able to do this and are looking forward to a number of new projects coming forward in 2017 and Joint Ventures Joint Venture partnerships saw the commencement of over 1.5 Million sq ft of new developments in 2016 representing a Gross Development Value of over 390m A substantial proportion of our development activity has always been through a variety of Joint Ventures with both public and private sector partners. Our flexible and innovative approach to Joint Ventures combined with a very hands on approach, the ability to provide substantial internal funding and willingness to make long term commitments has resulted in many partnerships being entered into and successfully completed. In 2016 the Company had 16 active Joint Venture projects underway involving the development of a wide variety of retail, leisure, residential and business space with a diverse range of local authorities and private sector land owners and developers across the country. The projects being undertaken by these Joint Ventures are also very diverse and range from a 330m exhibition and conference centre in Aberdeen to the development of a broad range of business space projects in the South East of England. The common theme with all these Joint Ventures is the strong working partnership that is created and maintained, often over many years, to achieve a successful outcome for all parties.

8 9 Sector highlights Business Space Woodcote

pre-let to Atkins PLC Thorne Park, Doncaster

park The Silk Works, Manchester 50,000 sq ft city

Scheme value 340m Airport Business Park,

with Southend-on-Sea Borough Council Butterfields

development 200 acre business park developed in

5 8 9 Sector highlights Business Space Woodcote Grove, Epsom 110,000 sq ft HQ office development pre-let to Atkins PLC Thorne Park, Doncaster 130,000 sq ft speculatively developed industrial park The Silk Works, Manchester 50,000 sq ft city centre office development Markham Vale Derbyshire Scheme value 340m Airport Business Park, Southend-on-Sea 50 acre business park Joint Venture with Southend-on-Sea Borough Council Butterfields Business Park, Luton 50 acre business park development 200 acre business park developed in partnership with Derbyshire County Council. Business Space This page Markham Vale Derbyshire

10 11 Sector highlights Aberdeen Exhibition & Conference Centre

exhibition, conference and hotel development in partnership with

40,000 sq ft edge of centre retail park pre-let to Aldi and B&M

centre retail and leisure park pre-lets include Dunelm and B&M

6 10 11 Sector highlights Aberdeen Exhibition & Conference Centre Aberdeen Scheme value 343m Retail & Leisure 800,000 sq ft exhibition, conference and hotel development in partnership with Aberdeen City Council Retail & Leisure Belper Retail Park, Belper 40,000 sq ft edge of centre retail park pre-let to Aldi and B&M Stores Livingston Retail Park, Livingston 50,000 sq ft edge of centre retail and leisure park pre-lets include Dunelm and B&M Stores The Oaks, Daventry Town centre regeneration project in partnership with Daventry District Council

12 13 Sector highlights Residential Wyvern Park,

park Centre Gate, Bristol City centre office to

developed in partnership with Markey Group The

Manchester 540 unit city centre PRS development in

Iconic former Terry s Chocolate factory conversion.

7 12 13 Sector highlights Residential Wyvern Park, Skipton 56 acre mixed use residential and business park Centre Gate, Bristol City centre office to residential conversion providing 86 student beds developed in partnership with Markey Group The Chocolate Works York Scheme value 70m Kampus, Manchester 540 unit city centre PRS development in partnership with Capital & Centric and Ares Management Iconic former Terry s Chocolate factory conversion. First phase provides 160 apartments being developed in partnership with PJ Livesey Residential

14 15 Sector highlights Foundry Salford Acre Mill

Manchester Ferdinand Bilstein Markham Vale

District Council Barnfield Construction Ltd

Borough Council Markey Group Southend-on-Sea

Management Crofty Developments Ltd Sainsbury s

Huddersfield NHS Trust Springfield Healthcare

8 14 15 Sector highlights Foundry Salford Acre Mill Huddersfield Joint Venture partners Kampus Manchester Ferdinand Bilstein Markham Vale Derbyshire County Council Lloyds Bank Daventry District Council Barnfield Construction Ltd Aberdeen City Council The Oddfellows Luton Borough Council Markey Group Southend-on-Sea Borough Council Crown Estates Ares Fund Management Crofty Developments Ltd Sainsbury s West Dumbartonshire Council Calderdale & Huddersfield NHS Trust Springfield Healthcare Group Great Bear Markham Vale The Residence, The Chocolate Works York PJ Livesey HSBC Capital and Centric

16 17 Testimonials The Chocolate Works York Westlakes Science Park Cumbria We worked closely with the Henry Boot Development s team to convert existing Bristol city centre office space Centre Gate

This successful partnership and the delivery of such a good product resulted in the scheme being 100% let almost instantly.

9 16 17 Testimonials The Chocolate Works York Westlakes Science Park Cumbria We worked closely with the Henry Boot Development s team to convert existing Bristol city centre office space Centre Gate into cleverly designed, great looking student accommodation. Henry Boot Developments showed dedication to our partnership and we found them to be proactive at all times in their communication. This successful partnership and the delivery of such a good product resulted in the scheme being 100% let almost instantly. Henry Boot Developments are a robust and solid company that won t let you down. Derbyshire County Council are working in Partnership with Henry Boot Developments to deliver the highly successful 200 acre Markham Vale business park scheme. Through this successful partnership we are on target to deliver 5,000 new jobs. We have found Henry Boot Developments to be a trusted and reliable partner and we look forward to continuing our productive partnership far into the future. Henry Boot Developments understood our requirement from the outset, both in terms of our ultimate goal and tight timescales. We were impressed with how quickly Henry Boot Developments delivered Great Bear s 480,000 sq ft flagship UK distribution facility at Markham Vale and with how they communicated with all key parties throughout the process. As a result of this confidence we committed to a second distribution unit at Markham Vale which will bring the total amount of land we occupy to just under one million sq ft. Overall we found the Henry Boot Developments team to be professional, friendly and highly efficient. Tony Markey Co-owner & Markey Group Ian Stephenson Chief Executive Derbyshire County Council Culina Group

18 19 Our people Bristol Lynne Exarheas Administration and Marketing

Henry Boot Developments operates from its five regional offices located

Glasgow Sheffield Nick Harris Lisa Lees Office Administrator Pamela

Managing Hamer Boot Regional Manager Tim Burn Project Manager Vivienne

Luke Davenport Adrian Schofield Manchester Joe Cooke Assistant Project

Tom Dunn Caroline Hines Company Marketing Coordinator Simon Raiye Senior

Sheldon Regional Manager Tom Wheldon Regional Manager Jamie Wordsworth

10 18 19 Our people Bristol Lynne Exarheas Administration and Marketing Coordinator Craig Mathis Senior Development Surveyor Julian Painter Henry Boot Developments operates from its five regional offices located in Sheffield, Bristol, Glasgow, London and Manchester. Glasgow Sheffield Nick Harris Lisa Lees Office Administrator Pamela Mitchell Nigel Munro Senior Project Manager London David Anderson Managing Hamer Boot Regional Manager Tim Burn Project Manager Vivienne Clements Anthony Clitheroe Harry Bunbury Senior Development Surveyor Luke Davenport Adrian Schofield Manchester Joe Cooke Assistant Project Manager John Cullen Roisin Davies Ed Hutchinson Andrew Milne Adam Brady Tom Dunn Caroline Hines Company Marketing Coordinator Simon Raiye Senior Development Surveyor Will Moroney Senior Management Surveyor Justin Sheldon Regional Manager Tom Wheldon Regional Manager Jamie Wordsworth Assistant Project Manager Ruth Wright Office Administrator Dean Thompson Regional Manager Laura Thomson Office Manager and PA

11 henrybootdevelopments.co.uk Sheffield Vivienne Clements +44 (0) Bristol Julian Painter +44 (0) London Adrian Schofield +44 (0) Manchester Adam Brady +44 (0) Glasgow Nick Harris +44 (0)

Annual Review Managing Director s review. Our Team. Henry Boot Developments 2017

Annual Review 2017 2 3 Annual Review Managing Director s review Our Team Henry Boot Developments 2017 2017 sees growth continue David Anderson Managing Director Henry Boot Developments Welcome to the second