£25m land sale at major regeneration site

A 79-acre plot of land near Doncaster has been sold to a national retailer for approximately £25m.

The deal – initially announced last year – has completed earlier than expected and is the first significant transaction on the Unity mixed use development scheme, a 50:50 joint venture by Hargreaves Services and regional developer Waystone Developments.

The site is for the development of an 800,000 sq ft distribution and training centre.

Revenue from the sale was received in full by the joint venture on completion and is being retained while the Unity board reviews the project’s future funding requirements.

Unity, located immediately to the east of Doncaster, is one of the largest regeneration schemes within the region and has planning permission for 2 million sq ft of commercial space and 3,100 homes across 650 acres.

The project reached a major milestone in December 2020 with the completion and opening of a new link road which provides the whole development with direct access to junction 5 of the M18 motorway.

Hargreaves said the latest sale was originally expected to complete in the second half of the financial year ending 31 May 2022 following completion of the site access road and plot servicing.

This work, which started at the beginning of 2021 and is programmed to complete at the end of the year, is funded independently from Hargreaves. The sale has now been brought forward at the purchaser’s request.

Company chairman, Roger McDowell, said: “The Unity scheme is one of the most exciting developments in Hargreaves Land’s portfolio and it is encouraging that our purchaser has perceived the benefit of early completion to accelerate their project delivery.

“This will undoubtedly further enhance the attractiveness of the Unity development to other commercial users.”