Thursday, August 15, 2013

News: Harworth Estates continues to perform well

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Further progress at the £100m Waverley community development in Rotherham is helping profits at Harworth Estates and Coalfield Resources plc, the company created in the restructure of UK Coal last year.

Recovery plans for Doncaster-based UK Coal were put in place in May 2011 following big losses and a large pension deficit. Following a serious fire at one of its mines, administrators were called in to save the mining division, with the remaining focus of the new company targeting the realisation of its property assets through the Harworth Estates Property Group Limited.

Based on the Advanced Manufacturing Park (AMP) in Rotherham, Harworth Estates is one of the largest landowners in the UK with access to over 30,000 acres of land.

In its latest half yearly report, Coalfield Resources, which owns 24.9 per cent of Harworth Estates, stated that the property group continues to perform in line with expectations and that it expects to be able to report further progress during the second half of 2013.

Harworth Estates continues to perform well and achieved a profit for the first half of 2013 of £1.4m. The net asset value of the group is still estimated to be £221.7m, including the Waverley development in Rotherham. The biggest brownfield site development in South Yorkshire covers 741 acres, an area bigger than Sheffield city centre.

Over a development phase of 20 years, the site will see the establishment of a new community of around 4,000 homes, shops, restaurants, schools, leisure facilities, health and community centres and parks. It is also home to the AMP, the UK's premier advanced manufacturing technology park.

The latest results stated that, with one of two new Rolls Royce facilities, and two new University of Sheffield buildings, under construction, Harworth Estates expects these to be a further catalyst for interest from other companies wishing to locate on this prestigious advanced manufacturing development.

It added: "On the residential part of the site further interest is being shown from house builders after good sale rates on Phase 1 and further land sales to house builders are expected later this year."

Plans have also recently been submitted for a new access road to the R-evolution @ the AMP development, that plans to provide new, high quality development, providing a range of industrial units, sized from 10,000 sq ft to 50,000 sq ft.

Recent research from commercial agents, Knight Frank, highlighted the success of the AMP in strengthening South Yorkshire's profile, with more advanced manufacturers opting to locate in the region.

Rebecca Schofield, partner with the Sheffield office of Knight Frank, said: "The AMP have plans for a small unit development called Re-volution, and, while asking rents will be a premium, the quality and location are likely to prove attractive."

Harworth Estates website

Images: Harworth Estates

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