Harworth Group PLC Portfolio update (3836W)
09 February 2017 - 6:00PM
UK Regulatory
TIDMHWG
RNS Number : 3836W
Harworth Group PLC
09 February 2017
Harworth Group plc
Portfolio Update
Harworth Group plc ("Harworth" or the "Company"), the brownfield
regeneration and property investment specialist, is pleased to
announce that it has completed a 225,000ft letting to leading
postal operator Whistl at its Logistics North development in
Bolton. Additionally, the Company has exchanged contracts with
Keepmoat to open up the first phase of housing at its 560 unit
Flass Lane development in Castleford, with further sales on other
sites expected in forthcoming weeks.
Highlights - Logistics North
-- Harworth has let Logistics 225, a 224,938 sq. ft Grade A
Warehouse, to Whistl on a ten-year lease on behalf of M&G Real
Estate at a rent of GBP6.00 psf.
-- The letting was achieved within six weeks of Harworth
practically completing the unit after a 30 week build programme
ending in December 2016.
-- Logistics 225 and its neighbouring Logistics 175 unit (a
175,000 sq. ft Grade A warehouse) were forward funded by M&G
Real Estate. Both units were constructed by Harworth to an
institutional specification and with a BREEAM very good
sustainability rating.
-- Under the terms of the funding agreement, Harworth received
an open market land value on commencement of the development and a
development management fee upon construction. A 'promote' fee will
also be paid to the Company on the final valuation of the
investment.
-- Logistics North is one of the North West's largest live
logistics and distribution developments, with over 2m sq. ft of
space already built or committed to be built since it received
outline planning consent for 4m sq. ft in December 2013.
Highlights - Flass Lane
-- Keepmoat has exchanged contracts with Harworth to purchase
9.88 acres of land to build 157 plots at Harworth's Flass Lane
development in Castleford for GBP3.65m. The purchase, which is
timed to complete when the primary infrastructure works are
finished in the early summer, is the first at the development and
will deliver a selection of two and three bedroomed homes over the
next 18 months.
-- The wider Flass Lane development has outline consent in place
for 560 residential plots, up to 50,000 sq. ft of employment
development and associated public open space.
Commenting on these deals Owen Michaelson, Chief Executive
Officer, said:
"These deals mark an excellent start to the year for both our
Capital Growth and Income Generation segments of the business.
"We are delighted to welcome Whistl to Logistics North. The deal
was completed within six weeks of the unit being practically
complete and this, together with the leading regional rental value
secured, reflects both the quality of unit we have built on behalf
of M&G Real Estate and the quality of Logistics North's
location for logistics & distribution businesses.
"We are also pleased to exchange contracts with Keepmoat, which
continues our programme of phased sales from our portfolio of
sites. We believe the deal is a clear reflection of Harworth's
ability to transform land into optimised sites for housebuilding
customers. The UK still needs further brownfield land for new
housing and ongoing demand in the regional housing markets we
operate in remains strong."
-ENDS-
Enquiries:
Harworth Group plc T: 0114 349 3160 / 07825
860215
Iain Thomson E: ithomson@harworthgroup.com
Cardew Group T: 020 7930 0777
Emma Crawshaw
Shan Shan Willenbrock
Emma Ruttle
About Harworth Group
Listed on the main market, Harworth Group plc is a leading
brownfield regeneration and property investment specialist. It 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. Occupiers include Aldi and Lidl, who announced
in December 2016 that it will be building its new North West
headquarters and distribution centre at the site.
This information is provided by RNS
The company news service from the London Stock Exchange
END
PFULLFERFRITIID
(END) Dow Jones Newswires
February 09, 2017 02:00 ET (07:00 GMT)
Harworth (LSE:HWG)
Historical Stock Chart
From Apr 2024 to May 2024
Harworth (LSE:HWG)
Historical Stock Chart
From May 2023 to May 2024