Henry Boot (BHY) was very busy last year bringing land through the planning process, but the coming years promise to deliver even more. At the start of 2016, the pipeline reached its highest level ever at over £500m of gross development value, which will be delivered over the next four years. Crucially, over 90 per cent of this is pre-sold or pre-let.
Demand comes from a pretty wide band of potential buyers, including space for warehouses, offices and leisure. Housebuilders are also keen buyers but have become more selective, largely because they have switched from rebuilding their land banks to replenishing them. The key development project, valued at £300m, is the exhibition, conference centre and hotel complex that has been pre-let to Aberdeen City Council, and development is expected to start in mid-2016.