£7 million deal to buy Advanced Manufacturing Park development

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Harworth Estates has raised £7 million by selling its Evolution development on the Advanced Manufacturing Park to property advisers and investors Cornerstone.

The fully-let development comprises 15 units ranging in size from 2,300 sq ft to 27,000 sq ft, generating a total rental income of £725,000.

Prestige occupiers include Rolls-Royce, which is paying what is believed to be a record Yorkshire rental of £6 a square foot for its 10,000 sq ft unit.

Carbolite, Dormer Tools, Liebherr and Xeros, the company behind a new washing machine that uses virtually no water, also occupy units on the site.

Campbell Carruth, business parks director at Harworth Estates, said: “Evolution has proved to be a first class development.

“The demand for space at Evolution provided the platform for this sale. It has been so successful that demand was over-subscribed.”

Property agents Lambert Smith Hampton and Knight Frank organised the sale of the Evolution Business Park, while law firm Hlw Keeble Hawson represented Harworth Estates in the sale.

Hlw Keeble Hawson partner Richard Smith said: “Securing a blue chip tenant of the calibre of Rolls-Royce was critical to attracting investor interest in Evolution, which was the first speculative development at the AMP.”

n Harworth Estates used to be part of financially troubled Doncaster-based mining and property group UK Coal – now known as Coalfield Resouces – and owns a number of former mining sites, including land which forms part of the Advanced Manufacturing Park at Catcliffe.

Following major restructuring which led to the foundation of Coalfield Resources, the property business is now 75 per cent owned by Coalfield Resources’ pension fund.