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Finance

Sheffield developer makes 14.4m investment in midlands

Harworth Group, the Sheffield-based brownfield land and property developer, has nabbed two strategic sites during the Midlands to accelerate the event from the strategic land bank.

Both sites have been purchased making use of the 27.2million raised in the Company’s equity placing in March.

The newly acquired portfolio is expected to provide returns through the company’s double-digit target rate of return.

The sites also sit alongside existing Harworth landholdings, thus generating marriage value when combined.

The first can be a 145-acre site in Coalville, Leicestershire that neighbours its existing Coalville development site for 11.8 million.

This brings the entire quantity of consented plots at Coalville under Harworth control to 2,016 plots, providing a 15-year development pipeline.

The second acquisition can be an 88-acre site at Chatterley Valley, Staffordshire next to the A500 that neighbours their existing 24-acre freehold site for 2.6 million.

That 112-acre site advantages from an extant planning consent for 1.2m sq. ft of business development, generating marriage value and providing a 10-year development pipeline.

CEO Owen Michaelson said: “Growing and expanding our strategic landbank is prime to delivering continued value to the shareholders and both purchases provide clear long-term value adding opportunities.

“The outlook during the Midlands market remains healthy, driven by comparatively affordable prices, an absence of housing land supply and also the scarcity of good quality new commercial units.

“Good progress has been specifically created in securing other land and property targets identified in March’s equity placing.

“We therefore expect that each of the funds raised in March is going to be committed with the year end.”

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