Henry Boot (LSE:BOOT) said HBD, its property investment and development arm, has secured 404,100 sq ft of new lettings across Origin, its joint venture with Feldberg Capital.
The deals bring the proportion of Origin's 711,000 sq ft portfolio that is let or under offer to 66%, up from 59% let previously.
At SPARK in Walsall, a 13-acre, £53m gross development value scheme by the M6, Relay Tech has taken 250,000 sq ft to expand its delivery network and an unnamed major energy supplier has leased 18,300 sq ft, completing phase one of the site.
Virgin Wines has agreed 82,000 sq ft across two units at APTUS in Preston, a £100m scheme near junction 31A of the M6, relocating from its existing base after more than 20 years in the city.
That space forms part of APTUS's second phase, a £20m gross development value tranche due to complete in November.
At Markham Vale in Derbyshire, a manufacturer has pre-let a 53,800 sq ft unit within the £9m ARK phase two development, targeting completion in September 2026.
"Each deal has set new headline rents in its respective location and further supports our confidence in the portfolio's income and capital growth potential", said Ed Hutchinson, chief executive of Henry Boot.
News Intelligence what this means for the company
Origin, Henry Boot's industrial logistics JV with Feldberg Capital, has now let or agreed terms on 66% of its 711,000 sq ft portfolio after securing 404,100 sq ft of new lettings across three schemes. The deals—anchored by Relay Tech's 250,000 sq ft at SPARK (Walsall) and Virgin Wines' 82,000 sq ft at APTUS (Preston)—represent material progress in de-risking the portfolio and generating income, particularly given that Henry Boot's full-year profit is expected to be significantly below market expectations due to macroeconomic headwinds affecting the broader business.
- The lettings demonstrate tenant demand for well-located industrial space near major motorway junctions (M6), which may support rental growth and capital values across the portfolio.
- Virgin Wines' relocation from its 20-year Preston base to APTUS signals confidence in the scheme's logistics positioning and may attract further occupiers to phase two, due to complete in November.
Origin's occupancy progress—now 66% let or under offer—reduces income volatility and strengthens the case for capital returns from the JV, offsetting near-term headwinds in Henry Boot's land and housebuilding divisions where plot sales and transaction volumes have contracted sharply.
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