News: Harworth makes £43.7m purchase adjacent to AMP
Harworth, a leading regenerator of land and property for sustainable development and investment, has completed the acquisition of Catalyst, a 285,000 sq ft, Grade A, urban logistics estate in Rotherham.
The £43.7m purchase price reflects a net initial yield of 5.4%.
The asset, completed in 2023, is strategically located adjacent to Harworth's own head office and its flagship industrial development and major UK manufacturing hub, the Advanced Manufacturing Park (AMP). Harworth said that the acquisition delivers an extension to the AMP which now benefits from a highly prominent, extensive frontage on both sides of the Sheffield Parkway and its excellent arterial connectivity provides access to a vast labour pool.
Comprising of five units, the scheme is currently 90% let to a diverse range of occupiers including Octopus Energy which has taken 91,923 sq ft to use the warehouse for its Octopus Energy Services part of the business which is spearheading the transition to greener, cheaper energy through the installation of in-home technologies.
Harworth is confident of securing a letting for the final 28,000 sq ft and when fully let the scheme will generate £2.5m of annualised rent. The acquisition provides an opportunity to implement tailored asset management initiatives and deliver additional value across the wider AMP, where Harworth continues to see strong demand from occupiers, and rents have recently exceeded £10 per sq ft.
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The acquisition is in line with Harworth's strategy to grow its Investment Portfolio to £0.9 billion by the end of 2029 and transition its core portfolio to 100% Grade A by 2027. Following this acquisition, alongside practical completion of a further 73,000 sq. ft. of Industrial & Logistics space at the AMP earlier this month, the Group's Investment Portfolio will total 2.8 million sq ft of which 45% is Grade A.
Lynda Shillaw, Chief Executive of Harworth, said: "This acquisition, the largest of an Industrial & Logistics investment asset in Harworth's history, aligns with our strategy to grow our high-quality Investment Portfolio. It also continues our track record of strategic site assembly, providing an opportunity to extend the AMP, further establishing it as one of the leading manufacturing and distribution centres in the region.
"Increased direct development and the retention of Grade A Industrial & Logistics assets across our major sites, supplemented by select, income producing acquisitions, is core to our strategy, whilst we will also look to recycle properties where value has been maximised through completed asset management initiatives."
Harworth recently ascended to the FTSE 250 Index - a group of mid-cap blue chip companies listed on the London Stock Exchange. Since re-listing as Harworth in 2015, the Group has grown its Statutory Net Assets by 137%. It consistently reports that it is on course in its strategy to reach £1 billion EPRA NDV by the end of 2027.
Harworth website
Images: Harworth
The £43.7m purchase price reflects a net initial yield of 5.4%.
The asset, completed in 2023, is strategically located adjacent to Harworth's own head office and its flagship industrial development and major UK manufacturing hub, the Advanced Manufacturing Park (AMP). Harworth said that the acquisition delivers an extension to the AMP which now benefits from a highly prominent, extensive frontage on both sides of the Sheffield Parkway and its excellent arterial connectivity provides access to a vast labour pool.
Comprising of five units, the scheme is currently 90% let to a diverse range of occupiers including Octopus Energy which has taken 91,923 sq ft to use the warehouse for its Octopus Energy Services part of the business which is spearheading the transition to greener, cheaper energy through the installation of in-home technologies.
Harworth is confident of securing a letting for the final 28,000 sq ft and when fully let the scheme will generate £2.5m of annualised rent. The acquisition provides an opportunity to implement tailored asset management initiatives and deliver additional value across the wider AMP, where Harworth continues to see strong demand from occupiers, and rents have recently exceeded £10 per sq ft.
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The acquisition is in line with Harworth's strategy to grow its Investment Portfolio to £0.9 billion by the end of 2029 and transition its core portfolio to 100% Grade A by 2027. Following this acquisition, alongside practical completion of a further 73,000 sq. ft. of Industrial & Logistics space at the AMP earlier this month, the Group's Investment Portfolio will total 2.8 million sq ft of which 45% is Grade A.
Lynda Shillaw, Chief Executive of Harworth, said: "This acquisition, the largest of an Industrial & Logistics investment asset in Harworth's history, aligns with our strategy to grow our high-quality Investment Portfolio. It also continues our track record of strategic site assembly, providing an opportunity to extend the AMP, further establishing it as one of the leading manufacturing and distribution centres in the region.
"Increased direct development and the retention of Grade A Industrial & Logistics assets across our major sites, supplemented by select, income producing acquisitions, is core to our strategy, whilst we will also look to recycle properties where value has been maximised through completed asset management initiatives."
Harworth recently ascended to the FTSE 250 Index - a group of mid-cap blue chip companies listed on the London Stock Exchange. Since re-listing as Harworth in 2015, the Group has grown its Statutory Net Assets by 137%. It consistently reports that it is on course in its strategy to reach £1 billion EPRA NDV by the end of 2027.
Harworth website
Images: Harworth
1 comments:
That's our shoe needs sorted for the next 150 years then
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