Monday, November 14, 2016

News: Harworth Group acquires business park

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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 acquired a business park for £4.5m as part of its strategy to build its income portfolio and expand its presence in the North West.

A specialist in brownfield regeneration, Harworth is based close to its own flagship development at Waverley. Its extensive portfolio consists of a total of around 22,000 acres across 140 sites. Harworth Group plc was created through the complex restructure of what was UK Coal.

The group has acquired Moorland Gate Business Park in Chorley, Lancashire which is close to its own Logistics North development in Bolton.

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In a statement to the stock exchange, Harworth said that the freehold purchase represents a Net Initial Yield of 9.53%, with further asset management and development opportunities to be explored.

Tenants include FedEx, LCC, Carillion, Cruise 118, Stage Coach, FDC Holdings and Tyrers. The 10.75 acre site also includes two acres of development land.

Owen Michaelson, chief executive officer at the Harworth Group, said: "Moorland Gate acquisition is Harworth's third major purchase of 2016 and reflects our objective to replenish our portfolio with new sites in the regions in which we already operate. This well-located investment is an excellent fit to our portfolio being a liquid, income-producing asset with further asset management and development opportunities."

It its interim results for the half year ended 30 June 2016, the group 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.

With improved bank facilities following the restructure, recent acquisitions include £9m to be part of the Temple Green development, the largest live logistics development in the Leeds City Region. Harworth also acquired Sanderson (Advantage) House in Rotherham for £2.3m. The property adjacent to the Waverley development is now home to the Harworth Group.

Harworth Group website

Images: FDC Holdings


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