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Harwoth Group plc Acquires two new Sites

Harwoth-Group-plc-Acquires-two-new-Sites

Harworth Group plc is known for property development and investment. The company has revealed that they have purchased two strategic land sites in the Midlands that will be beneficial to the expansion of their strategic land bank. The two sites have both been purchased using a part of the £27.1 million that has been raised by the Company’s equity placing in March 2017. The sites are expected to deliver returns above Harworth’s double-digit target rate of return, which is great news for the company.

The two newly purchased sites are located next to the existing Haworth landholdings which means that there is also the possibility of additional return, or marriage value when combined. The first site that has been acquired by the property developing and investment company is a 145-acre site which is located in Coalville, Leicestershire. The site is located next to Harworth’s major development site in this location. The new site cost £11.8 million plus acquisition costs and already has planning consent for the construction of 914 residential plats and the acquisition of this new site has marriage value. Harworth has control of 2,016 plots in Coalville which represents a 15-year pipeline for development in the area.

The second site that has been acquired by Harworth is an 88-acre site for £2.6 million plus the costs of acquisition. The site is located in the Chatterley Valley in Staffordshire, near to the A500 and is also next to a 24-acre freehold. Combining these two Staffordshire sites together gives the company a 112-acre site that has planning consent for a 1.2 million sq. ft. commercial development which would offer marriage value and a 10-year development pipeline. This opportunity also benefits from the Government Enterprise Zone which would offer incentives for businesses to potentially become occupiers of the development when completed.

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BDC 317 : Jun 2024