Wednesday, October 19, 2016

News: Harworth sells plots to leading housebuilders

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Rotherham-based developer Harworth Group plc, one of the largest property and regeneration companies across the North of England and the Midlands, has secured new land deals that will see housing development continue at two of its regeneration schemes.

A specialist in brownfield regeneration, Harworth recently moved to new offices adjacent to its Waverley development in Rotherham. Its extensive portfolio consists of a total of around 22,000 acres across 140 sites. The group was created through the complex restructure of what was UK Coal.

At Torne Park near Doncaster, Taylor Wimpey has purchased land for 96 plots where outline planning permission is already in place.

Outline planning consent was secured in December 2012 for a mixed use scheme on the former Rossington Colliery site including up to 1,200 new homes, commercial buildings, food retail, a school and a health centre. A planning application for a further 250 houses is intended to be submitted in early 2017.

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Harron Homes began constructing the first of new homes following the completion of the Great Yorkshire Way, the £56m link road providing a new highway from the M18 at junction 3 to Bawtry Road close to the airport, with links into Rossington village and the iPort development.

Harworth has spent the past 24 months undertaking land remediation and infrastructure works for the first phase of development on the site which will deliver up to 166 new homes over the next two years. Harron has completed the construction of the first 40 homes on the site with sales beginning at the start of this year.

In a separate transaction, Harron has exchanged contracts to purchase 89 plots at Harworth's Prince of Wales site in Pontefract. The purchase is Harron's second at the development and is conditional on the grant of a reserved matters planning consent for Harron's house types, which has already been submitted to Wakefield council with a decision expected by December.

Planning consent was secured in December 2013 to turn the former pityard into a new development comprising 917 homes an employment development, along with retail units, cafes, a medical centre, community centre, nursery and parkland. 150 homes have already been built out over the past 18 months by Harron and Avant Homes.

Owen Michaelson, CEO of Harworth Group, said: "We are pleased to complete the sale of plots to Taylor Wimpey and to exchange contracts with Harron Homes, which continues our program of phased sales from our sites. We believe these deals are a clear reflection of the continuing momentum in regional housebuilding - which has resumed in full following the short hiatus after the referendum vote in June - and underpin the fact that the UK still needs land for new housing."

It its interim results for the half year ended 30 June 2016, Harworth reported that revenue from operations rose to £17.4m compared to £4.2m in the first half of 2015. This was largely as a result of forward funding at its Logistics North development.

Profit before tax was £7.4m and the net asset value increased to £303.0m, a 10.4% increase from June 2015 (£274.5m) and a 1.8% increase since December 2015 (£297.7m).

Harworth Group website

Images: Harworth


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