Rotherham-based Harworth Group grows its commercial land pipeline
Harworth Group, which specialises in the regeneration of former coalfield and other brownfield sites, today revealed that it has grown its income portfolio and commercial land pipeline.
Rotherham-based Harworth has purchased Etherow Business Park in Glossop and has secured outline planning consent for its Bardon Hill development in Leicestershire.
The company said it was continuing to grow and improve its recurring income base and develop its long-term land pipeline for new commercial development.
The company has purchased the 10.37-acre Etherow Business Park for £6.5 million plus acquisition costs, using headroom within its existing £100m revolving credit facility.
Harworth has also secured outline planning consent from North West Leicestershire Council for more than 350,000 sq. ft of commercial floorspace at its 53-acre Bardon Hill site near Coalville in Leicestershire, as it continues to grow its land and property portfolio in the Midlands. The Bardon Hill site, which sits within two miles of Junction 22 of the M1, was acquired by Harworth in April 2018 as a strategic land purchase. The consent takes Harworth’s consented commercial land pipeline to over 10m sq. ft of space across the UK.
Owen Michaelson, chief executive Officer of Harworth Group plc, said: “Both deals emphasise the continued implementation of our strategic priorities. Etherow’s acquisition forms part of our income churn strategy to recycle receipts from previous income-producing property sales into higher value-adding opportunities, whilst securing outline consent at Bardon Hill further increases our commercial land portfolio for sale or build out.
“These milestones also justify the move to our regional operating model to deliver further value to our shareholders through clear, long-term value-add opportunities. With the outlook for our regional markets remaining solid, I look forward to announcing other land and property acquisitions in our core regions of the North West, the Midlands and Yorkshire and central in due course.”