Developer sells business park in £4.6m double deal

Harworth Group has sold its 283-acre Bilsthorpe Business Park in Nottinghamshire in a combined deal worth £4.6m.

The first deal includes the sale of a 10-acre site, including a Highways Depot let to Nottingham City Council on a long lease, to Waypoint for £2.05m.

The remaining mixed-use, 273 acre site was sold to Insite Group for £2.55m. The site includes a 22,000 sq ft multi-let industrial estate, a Coal Mine Methane energy generation plant and 250 acres predominantly low-grade agricultural land.

Lynda Shillaw, chief executive of Harworth, said: “With Bilsthorpe Business Park having little further development potential, now is the right time to dispose of our historic interest in this site, driving value from our portfolio, freeing capital up to invest in higher yielding opportunities in our core regions, and increasing the resilience of our investment portfolio.”

Richard Bousfield, head of income generation at Harworth, added: “Swiftly completing these sales has been a key management priority. We will now focus on acquiring higher yielding property with the opportunities for direct development and asset management to further grow the company’s income portfolio.”