Tuesday, May 20, 2014

News: Harworth sees signs of improvement in property market

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Harworth Estates, the company created to realise the property assets of what was UK Coal, has reported that the local property market is showing signs of improvement after concluding land deals at the Advanced Manufacturing Park (AMP) in Rotherham.

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 a interim management statement, Coalfield Resources plc, which owns a 24.9% shareholding in Harworth Estates, reported that the developer continues to make progress across its portfolio of sites in terms of income generation, valuation growth and realisation through disposals.

It was reported that the recent significant disposals of two further commercial plots at the AMP were above book value.

In two separate transactions Harworth pre-sold Plot 1 (2.34 acres to accommodate a building of up to 40,000 sq ft) to Maher, a supplier of high-performance alloys, and Plot 2 (1.66 acres to accommodate a building of up to 25,000 sq. ft) to Nikken Kosakusho Europe, a supplier of precision engineering products.

Part of the 117,000 sq ft speculative industrial development called R-evolution, Plots 3 and 4 wehre sold as part of forward-purchase agreement with Rotherham Metropolitan Borough Council for £4.3m.

The UK's premier advanced manufacturing technology park, the AMP is part of the £100m Waverley development on the site of the former Orgreave colliery in Rotherham.

The update stated: "The property market in the regions in which Harworth Estates operates continues to show signs of improvement, and, as a result, stronger demand across all its activities. The improving market, coupled with Harworth Estates' diverse portfolio and distinctive skill set, is providing a sound base for Harworth Estates to deliver long term value for its shareholders."

In April, Harworth completed a letting of three units with Living Power Ltd at Whitemoor Business Park in Selby, North Yorkshire.

Harworth Estates website

Images: Harworth Estates

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