Harworth offloads chunk of Logistics North for £22.5m
HARWORTH Group has sold nearly 44 acres of its Logistics North site near Bolton to a company believed to be supermarket chain Lidl for £22.5m.
The brownfield regeneration and property investment specialist announced the sale of the land adjacent to junction 4 of the M61 without specifying who the buyer was.
The deal is the sixth at Logistics North, following freehold land sales to Aldi, MBDA, Joy Global and Exeter Property Group and Harworth’s forward funding agreement with M&G Real Estate to build two large commercial units on their behalf.
Harworth chief executive Owen Michaelson said: “With its excellent accessibility, Logistics North has established itself as one of the North of England’s leading distribution locations.
“We are delighted to welcome this leading company to Logistics North as the benefits of the remediation and masterplanning undertaken previously continue to yield results for both Harworth and the site’s occupiers.”
Meanwhile, the company has also announced its acquisition of Four Oaks Business Park in Preston for £13.425m.
Harworth’s freehold purchase represents a net initial yield of 8.74% and a reversionary yield of 11.39%, with a WAULT of 6.44 years and a low capital value of £31.30 per sq ft.
Four Oaks is five miles to the south east of Preston and sits at the intersection of junction 9 of the M61, junctions 29 and 30 of the M6 and junction 2 of the M65.
The site is close to Harworth’s Logistics North and its recently acquired Moorland Gate Business Park in Chorley.
