Developer adds to Coalville landbank in £11.8m deal
Harworth Group, the land and property developer and investor, has bought a 145-acre site in Coalville, Leicestershire in a deal worth £11.8m.
The land has planning consent for 914 homes, bringing the total number of homes in Coalville under Harworth’s control to 2,016 plots, providing a 15-year pipeline of work.
The land has been bought using part of the £27.1m raised from the company’s equity placing in March 2017.
Owen Michaelson, chief executive officer, said: “Growing and expanding our strategic landbank is fundamental to delivering continued value to our shareholders and both purchases provide clear long-term value adding opportunities.
“The outlook in the Midlands market remains healthy, driven by comparatively low prices, a lack of housing land supply and the scarcity of good quality new commercial units.
“Good progress has also been made in securing other land and property targets identified in March’s equity placing. We therefore expect that all of the funds raised in March will be committed by the year end.”
