The Advanced Manufacturing Park (AMP) in Rotherham is meeting the needs of the strengthening manufacturing sector in the North of England and landowner and developer Harworth Group plc is already underway with the next commercial development on the site.
Harworth is the brownfield regeneration and property investment specialist that owns the Waverley site and has its headquarters nearby. The company, which was created following the complex restructure of UK Coal, has recently submitted a planning application for the latest units on the AMP.
A 52,000 sq ft second phase has recently been completed as part of the R-evolution development and, if approved, the latest phase will add another 55,735 sq ft.
The first phase of 52,000 sq ft of space built in 2014 – is fully occupied, with key occupiers including X-Cel Superturn and Metalysis. Phase 2 has a unit under offer with enquiries from manufacturing occupiers continuing to increase according to leading property agents, Knight Frank.
The plans for two separate buildings on plots 5 and 6 state: "The proposals build on the success of the AMP to date and represent the next phase of the
development. Known as R-evolution, the proposed development will provide further high quality business, manufacturing and office floorspace."
Owen Michaelson, chief executive officer of Harworth Group plc, said: "In April, we reached practical completion on six new units totalling 51,750 sq ft at the Advanced Manufacturing Park (AMP) in Rotherham, with a leading advanced manufacturer becoming our first new tenant for a 12,100 sq ft unit.
"As announced in July, immediately post the period end, this was followed by a pre-let to McLaren Automotive, which is taking a 20-year lease on a new 75,000 sq ft unit at the AMP that we will be building on their behalf. Both deals reflect the strength of the manufacturing sector in the North of England and the attractiveness of the AMP to meet this need."
The 75,000 sq ft McLaren Composites Technology Centre (MCTC) will enable the development and manufacture of the Monocell and Monocage carbon fibre chassis. The centre is set to create more than 200 jobs.
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Also on the Waverley site, Harworth hopes to receive planning approval later this financial year for the £50m retail-led scheme at the heart of the site. Harworth is working in a joint venture with Dransfield Properties on the proposal.
Housebuilding is also progressing on the site where nearly 4,000 homes are set to be built. Sheffield-based Coda have been drafted in to work on outline plans for the next parcels of residential land.
For the six months to June 30 2017, the AIM-listed firm reported revenue of £22.9m, up from the £17.4m for the same period last year. Profit from operations increased slightly to £1m from the £0.9m in 2016.
The net asset value (NAV) of the group's portfolio has increased by over 13% to £377.0m. At the end of the first half of 2016 it was £303.0m. The group has achieved revaluation gains of £10m as a result of progress on development projects like Waverley and Logistics North.
In March 2017, Harworth raised approximately £27m of additional equity, by way of a share placing, to accelerate previously identified acquisitions. Since the placing, it has completed acquisitions of sites at Coalville in Leicestershire, Chatterley Valley in Staffordshire and Wingates in Bolton committing £16.3m.
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Michaelson added: "We have had another strong first half, with good progress being made in all of our key business areas. We have executed a number of market leading deals at our flagship Advanced Manufacturing Park and Logistics North developments that further grow our commercial development capabilities, both directly and in partnership. We have also continued to make progress in securing planning consents to grow the value of the portfolio, most notably at Kellingley.
"We are well advanced with deploying the new capital raised in March and expect to have committed all the proceeds by the year end on strategic land sites. Our future acquisitions pipeline remains strong and we continue to rationalise our portfolio, with the intention of reducing our sites under management to less than 100 within two years.
"The economic potential of the regions in which we operate remains good and the long-term market fundamentals are solid. Based on current market conditions, we expect our full-year performance to be in line with our expectations."
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