Tuesday, June 19, 2018

News: Harworth add to portfolio with power station acquisition

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With a background in successfully regenerating former coalfield sites, Rotherham-based Harworth Group plc, is now turning its hand to a former coal-fired power station, snapping up a 350 acre site in Shropshire.

Acquiring the former Ironbridge coal-fired power station for an undisclosed sum, the company is further growing its strategic land bank and expanding its presence in the Midlands.

One of South Yorkshire's largest publicly listed companies was created through the complex restructure of what was UK Coal. A specialist in brownfield regeneration, Harworth is one of the largest property and regeneration companies working in the North of England and the Midlands.

The focus has been on "beds and sheds" sectors and Harworth owns and manages a £400m+ portfolio of around 21,000 acres of land on around 135 sites.

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Located adjacent to Ironbridge town centre, the new portfolio site comprises around 240 acres of brownfield land and a neighbouring parcel of over 100 acres of agricultural land.

Harworth said that it will use its market leading land regeneration skills to remediate the site ready for future development and to promote the site through the planning process, targeting the delivery of a new mixed-use development of several hundred new homes alongside commercial development, leisure uses and significant public open space.

Owen Michaelson, chief executive officer of Harworth Group, said: "The redevelopment of Ironbridge Power Station requires an experienced regeneration company to sensitively handle the project. We have proved with our major developments of former coal mines and other industrial sites across the North of England and the Midlands that we have the core skills required to effectively redevelop complex sites. We look forward to doing the same at Ironbridge.

"The Midlands market remains a key priority for the business as we continue to expand our presence in the region. With the continued undersupply of new homes and commercial space, there is good demand from housebuilders and commercial occupiers alike. This acquisition forms part of our ongoing strategy to become the UK's leading regeneration company."

Harworth, which is based close to its own Waverley development, recently secured an additional £25m commitment from Santander UK PLC to sit alongside an existing £75m commitment from The Royal Bank of Scotland plc. Around £20m remained before today's acquisition annoucement.

Harworth Group website

Images: Harworth Group

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