Harworth Group plc, a leading regenerator of land and property for sustainable development and investment announces the launch of “Project Spur”, a single family Built to Rent (“BTR”) portfolio of around 1,200 homes across 10 of its development sites. Harworth is today publishing marketing materials for the scheme, which represents a unique forward funding and long-term investment opportunity for a prospective partner.
Harworth announced plans to develop a single family BTR product in September 2021, as part of its strategy to grow its business to £1bn of EPRA NDV1 over five to seven years. This new product will be complementary to Harworth’s existing Build to Sell products developed by housebuilders at its residential sites and will support the Company’s ambition to double its residential plot sales to around 2,000 plots per annum over its strategic plan period.
Project Spur will be an opportunity to acquire a single family housing portfolio of significant scale across 10 established sites in Yorkshire, the Midlands and the North West. The sites are in strong locations which are in close proximity to major conurbations and employment centres, as well as local amenities and transport connections. The sites have also benefited from Harworth’s investment, as well as its masterplanning and placemaking expertise, which have delivered extensive green space, recreational facilities and a well-deigned public realm. The introduction of the BTR product is expected to further add to the vibrancy and attractiveness of these communities.
The housing type composition for the portfolio has been optimised for the single family BTR market, with a focus on two- and three-bedroom homes, all built to a high-quality design which is centred on sustainability.
The project has an anticipated delivery timeline of three years, with phased handovers of the sites during this time. There will be the potential, subject to further agreement, for the partner to work with Harworth to introduce the single family BTR product to additional sites as part of future phases of development.
Project Spur is being marketed by Allsop on behalf of Harworth.
1 European Public Real Estate Association (“EPRA”) Net Disposal Value: an adjusted net asset value metric that is one of Harworth’s Key Performance Indicators.
“Harworth’s extensive portfolio is particularly well suited to delivering institutional quality single family rental homes at scale. Project Spur is part of our strategy to accelerate the development of our residential sites, providing a range of homes for local people and enabling diverse communities. We look forward to working with partners aligned to our purpose and ambitions, to continue delivering places where people want to live and work.”
Lynda Shillaw, Chief Executive, Harworth Group
“Project Spur is a rare opportunity to partner with one of the UK’s leading land and property regeneration specialists. Located in suburban communities across Yorkshire, the Midlands and the North West, these units provide a diverse and defensible portfolio of properties that benefit from close proximity and strong transport links to nearby employment and amenity centres.”
James Crow, Head of Mixed Tenure, Harworth Group
