Property group grows North West income portfolio

Harworth Group, the brownfield land, property developer and investor, has secured two long-term lettings at its speculative R-evolution scheme at Logistics North in Bolton, the North West’s largest live commercial development.

Following their completion, these deals have set a new headline rent for the site, with Harworth’s recurring income base also growing by over £300,000 a year within its retained business space portfolio.

It has agreed two ten-year leases with Northern Building Plastics and Vaclensa for its C4 and C5 “R-evolution” units at Logistics North in Bolton, totalling 52,871 sq. ft.

These lettings, which were completed within two weeks of practical completion in December 2017, have achieved a new headline rent of £7.00 per sq ft for Logistics North, reflecting the continued strong demand for high quality industrial assets in the region.

B8 Real Estate and JLL acted as joint agents for Harworth on both transactions.

Northern Building Plastics and Vaclensa join a number of established occupiers at Logistics North, including Aldi, Amazon, Lidl, MBDA, Komatsu, Costa and Greene King.

Ian Ball, executive director of income generation at Harworth, commented: “These are two excellent deals for Harworth Group, with a new headline rent reflecting Logistics North’s status as one of the North’s leading manufacturing & distribution locations.  We are now keen to maintain this momentum as the remainder of the site is developed out over the next three years.”

David Travis, Director of Business Space at Harworth, added:
“Growing a long-term recurring income stream remains a priority for the business and securing Vaclensa & Northern Building Plastics as tenants for our Business Space portfolio, just two weeks after practical completion of both units, reflects the strength of the North-West property market and justifies our decision to build these units speculatively.  We look forward to welcoming other high-profile tenants onto site in 2018 as we continue to develop the remainder of the site, including our “Multiply” units that we’re jointly developing and asset managing with the Lancashire County Pension Fund.”

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