Rotherham-based Harworth Estates, one of the largest property and regeneration companies across the North of England and the Midlands, has told its Annual General Meeting that its anticipated full year results continue to be in line with the Board's expectations.
A specialist in brownfield regeneration, Harworth Estates is based at its own flagship development at Waverley. Its extensive portfolio consists of a total of 27,000 acres across 200 sites. It is wholly owned by Harworth Group plc which was created through the complex restructure of what was UK Coal.
The AIM-listed firm recently held its AGM at its Rotherham offices where an update was given on the progress made in recent months. This includes adding to its portfolio by investing in industrial projects such as regeneration at Temple Green in Leeds and the purchase of Sanderson House in Rotherham, a 20,000 sq. ft office building adjacent to Waverley, for £2.2m.
The company's portfolio now has 10,199 consented residential plots, up from 7,864 in March 2015. During 2015, further land sales were concluded with Barratt and Harron Homes at Waverley.
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The net assets at the end of the year to December, were valued at £297.7m, an increase of £47.4m on a like for like basis from the previous year. The group expects an acceleration of sales and investment in the portfolio, with further acquisitions expected from 2016 onwards.
Owen Michaelson, chief executive of Harworth Group, said: "I am pleased to report that the Company has continued to make good progress in the first four months of 2016 and that the anticipated full year result continues to be in line with the Board's expectations.
"Commercial development remains a priority, evidenced by our decision in January to build a new 75,000 sq. ft unit on our Gateway 36 development in Barnsley as part of the scheme's first phase of development. In March, Sheffield City Region provided funding to Barnsley Council for major road infrastructure works on the Dearne Valley Parkway. This will open up future phases of the development, which is estimated to provide a further 1.1m sq. ft of commercial space.
"Good progress continued to be made at our flagship developments at Waverley in Rotherham and Logistics North in Bolton. Detailed planning consent was secured in April for the next phase of development on the Advanced Manufacturing Park [AMP] at Waverley, totalling 73,000 sq. ft, on land towards the west of the site. Further infrastructure works have also been completed at Logistics North in readiness for further occupiers to take up the remaining 2.5m sq. ft of consented employment space that remains at the development.
"Demand for new housing and commercial space, particularly for units under 100,000 sq. ft, is steady within the regions in which we operate. Capital investment will continue to be concentrated on our brownfield sites with the greatest enhancement potential."
The group's business model has evolved from that used originally to develop the internationally recognised AMP in Rotherham. The group states in its Annual Report: "As this remains our flagship commercial site, we have continued to make ready further parcels of land for development to meet the demand generated by the considerable success of the location, in addition to providing direct commercial development.
"We are also working closely with a range of private and public stakeholders in developing the UK’s first Advanced Manufacturing Innovation District, with the Advanced Manufacturing Park at its core, in order to encourage further public and private investment in infrastructure, land and property."
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