Tuesday, June 25, 2013

News: Good progress for Harworth Estates


Property developer, Harworth Estates, is making good progress and instilling confidence in the board of directors.

A restructure of UK Coal in 2012 saw Harworth Estates became Harworth Estates Property Group Limited with the new company, Coalfield Resources plc, owning 24.9 per cent and 75.1 per cent having passed to the pension funds in return for a £30m cash injection.

Recovery plans for UK Coal were put in place in May 2011 after they reported a pre-tax loss of £124.6m after a "further year of poor operational performance" and a deficit due to the pension fund of around £450m.

Based on the Advanced Manufacturing Park (AMP) in Rotherham, Harworth owns or manages 30,000 acres across 160 sites. One key regeneration project is the £100m Waverley community development in Rotherham.

The biggest brownfield site development in South Yorkshire covers 741 acres, an area bigger than Sheffield city centre.

Over a development phase of 20 years, the site will see the establishment of a new community of around 4,000 homes, shops, restaurants, schools, leisure facilities, health and community centres and parks.

It is next to the Advanced Manufacturing Park (AMP), the UK's premier advanced manufacturing technology park, that has been driven forward by the landowner.

Speaking at this week's Annual General Meeting, Jonson Cox, chairman of Coalfield Resources, said that the group continued to perform well.

He said: "Harworth Estates was making good progress across all business divisions in line with the strategy approved at the time of the restructuring. Harworth Estates had continued its success in selling land for housing at its Waverley site, between Sheffield and Rotherham, for the next phase of what will eventually be around 3,600 new homes.

"At the adjacent Advanced Manufacturing Park, Rolls-Royce, Boeing and the University of Sheffield all currently have buildings under construction under the current phase development. Opportunities were being progressed at many of the other sites in the portfolio, and in improving rental returns, and the board of Harworth Estates were confident of delivering against their business plan."

Earlier this month, Harworth stated that it had provisionally been awarded over £10m from the government and plans to use it to provide essential utility infrastructure such as new roads and a water and waste water pipe network.

The boost to the infrastructure of the site would enable around 1.2m sq ft of employment floorspace. The developers hope that Waverley will create around 7,000 new jobs and contribute over £1 billion to the local economy as it is built out.

Away from Waverley, Harworth announced that Aldi is to relocate its regional distribution centre from Middleton to it's Logistics North development near Bolton. In addition, the former open cast mine site at St Aidan's, located between Leeds and Castleford in West Yorkshire, has officially opened as the RSPB St Aidan's Nature Park.

Harworth Estates website

Images: Harworth Estates


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