Lancs business park sold for £4.5m

PROPERTY investor Harworth has bought a Lancashire business park for £4.5m as the business looks to expand in the North West.

Moorland Gate Business Park in Chorley, Lancashire, covers 10.8 acres with just over 125,000 sq ft of buildings, the majority of which is industrial.

It is close to Harworth’s Logistics North development in Bolton and has 24 tenants, including FDC and Stagecoach North West.

The freehold purchase represents a net initial yield of 9.5% and the acquisition funded from the Company’s cash reserves. There are also two acres of development land which Harworth is looking to build on.

Owen Michaelson, chief executive officer of the Rotherham-based property group, said: “Moorland Gate acquisition is Harworth’s third major purchase of 2016 and reflects our objective to replenish our portfolio with new sites in the regions in which we already operate.

“This well-located investment is an excellent fit to our portfolio being a liquid, income-producing asset with further asset management and development opportunities.”