Harworth Group PLC NW acquisition strengthens income portfolio
14 November 2016 - 6:00PM
RNS Non-Regulatory
TIDMHWG
Harworth Group PLC
14 November 2016
14 November 2016
North West acquisition strengthens Harworth's income
portfolio
Harworth Group plc ("Harworth" or the "Company"), the property
regeneration and investment specialist, has acquired Moorland Gate
Business Park ("Moorland Gate") in Chorley, Lancashire for GBP4.5
million as part of its strategy to build its income portfolio and
expand its presence in the North West.
Highlights
-- Freehold purchase represents a Net Initial Yield of 9.53%,
with further asset management and development opportunities to be
explored
-- Moorland Gate is less than 3 miles from Junction 8 of the
M61, and close to Harworth's Logistics North development in
Bolton
-- The site area covers 10.75 acres with 125,122 sq. ft of built
space - 83% of which is industrial and 17% classified as offices;
this also includes 2 acres of development land
-- Acquisition funded from the Company's cash reserves
Commenting on the acquisition Owen Michaelson, Chief Executive
Officer, said:
"Moorland Gate acquisition is Harworth's third major purchase of
2016 and reflects our objective to replenish our portfolio with new
sites in the regions in which we already operate. This well-located
investment is an excellent fit to our portfolio being a liquid,
income-producing asset with further asset management and
development opportunities."
Moorland Gate is a multi-let investment comprising twenty-four
lettings totalling 125,120 sq. ft across 11 acres. Existing tenants
include FDC (Holdings) Ltd and Stagecoach North West.
Harworth's freehold purchase price of GBP4.5 million represents
a net initial yield of 9.53%. Funded from cash reserves, the
purchase also includes two acres of potential development land that
Harworth will look to develop and effectively utilise.
-END-
Enquiries:
Harworth Group plc T: 0114 349 3160 / 07825
860215
Iain Thomson E: ithomson@harworthgroup.com
Cardew Group T: 020 7930 0777
Emma Crawshaw
About Harworth Group
Listed on the main market, Harworth Group plc is one of the
leading regeneration specialists in the UK. Harworth owns and
manages over 22,000 acres of land across 150 sites, ranging from
residential development land to commercial properties, low-carbon
energy schemes and agricultural estates.
Harworth is best known in the North West for delivering
Logistics North, the region's largest live commercial development
where 4 million sq. ft of consented space will be developed over
250 acres in Bolton and includes Aldi's North West headquarters and
distribution centre.
www.harworthgroup.com
http://www.logisticsnorth.com/
This information is provided by RNS
The company news service from the London Stock Exchange
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