Monday, December 14, 2015

News: Harworth in £8.5m land deal

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Rotherham-based Harworth Group, one of the largest property and regeneration companies across the North of England and the Midlands, has acquired a 112-acre site in Doncaster for £8.5m.

A specialist in brownfield regeneration, the company, which is based on its own flagship Waverley development, manages around 31,370 acres across some 200 projects, with consent for 8,000 new homes. It was created through the complex restructure of what was UK Coal.

The site, close to Doncaster town centre on Wheatley Hall Road, consists of 77 acres of vacant land and nearly 200,000 sq. ft of existing employment space. Acquired out of receivership, the site benefits from an existing planning permission for 800 new homes, 200,000 sq ft of industrial space and a variety of other uses. Harworth will refresh the existing masterplan in order to create a major mixed-use regeneration scheme.

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This acquisition is Harworth's fourth over the past 12 months, following the purchases of the 162-acre former Skelton Grange power station in Leeds, the 320-acre former aluminium smelter in Lynemouth, Northumberland, and Sinfin Lane Industrial Estate in Derby, replenishing and building on Harworth's strategic landbank for the medium and longer term.

In its financial report for the six months to June 30 2015, the group saw a profit before tax of £51.3m, skewed by the £44.2m gain as part of a complex £150m takeover deal that was concluded in March. Underlying performance included profit from operations, before valuation gains and profits on disposals, of £1.1m, up from £0.8m in the same period in 2014. Operating profit was £14.8m, up on the £14.3m reported in the same period last year.

The new structure allows the group to access capital on better terms than it has in the past, accelerating existing investment opportunities and increasing the potential to acquire new land for redevelopment.

Harworth were recently refused planning permission for revised plans for a low- density rail hub at the former Daw Mill Colliery in north Warwickshire.

Harworth Group website

Images: Business Doncaster

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