Wednesday, January 4, 2017

News: Multimillion pound property deals for Harworth

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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 made a £13.5m acquisition and a £22.5m disposal over the festive period.

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.

Harworth has completed the freehold sale of 43.71 acres at its flagship Logistics North development in Bolton to a leading company for a gross purchase price of £22.5m.

The largest industrial development under construction in the North West of England includes four million sq ft of employment space across 250 acres. Since receiving outline planning consent in December 2013, 1.5 million sq ft of employment development has been completed or is under construction.

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The deal is the sixth at Logistics North, following freehold land sales to Aldi, MBDA, Joy Global and Exeter Property Group and Harworth's forward funding agreement with M&G to build two large commercial units on their behalf.

Owen Michaelson, CEO at Harworth Group plc, said: "With its excellent accessibility, Logistics North has established itself as one of the North of England's leading distribution locations. We are delighted to welcome this leading company to Logistics North as the benefits of the remediation and masterplanning undertaken previously continue to yield results for both Harworth and the site's occupiers."

As part of its strategy to strengthen its income portfolio and expand further its presence in the North West, Harworth has acquired Four Oaks Business Park in Preston, Lancashire for £13.5m.

The site extends across 19.4 acres with 428,800 sq ft of built logistics warehousing space. There are further asset management and development opportunities, including 0.5 acres of potential development land for roadside uses, that Harworth will look to capture.

On this deal, Michaelson, said: "The acquisition of the well-located Four Oaks Business Park continues the process of increasing and improving the quality of our recurring income base whilst also providing a blend of asset management and development opportunities to generate future value. This is Harworth's fourth major purchase of 2016 and reinforces our objective of replenishing our portfolio with new sites in the regions in which we already operate."

The acquisition was wholly funded through existing cash reserves. 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.

Harworth Group website

Images: Harworth


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