Harworth sells site for £11.6m
Harworth Group has completed the sale of a 24 acre site at its Gateway 36 development in Barnsley to Firethorn for £11.6m.
The news of the sale first emerged last month when real estate investor and developer, Firethorn Trust, announced it was continuing to grow its UK logistics portfolio and would be acquiring the site which is part of the latest phase of the Gateway 36 project from the Rotherham-based property company in order to deliver a 340,000 sq ft logistics facility.
Harworth received a resolution to grant planning consent for Phases 2 and 3 of its Gateway 36 development from Barnsley Council in 2020, which, in its entirety, will comprise a total of 1.1 million sq ft of new logistics and manufacturing space across 95 acres of land and is expected to support the delivery of up to 2,500 jobs in Yorkshire.
The sale builds on the success of Phase one of Gateway 36, which comprised the direct development by Harworth of c. 145,300 sq. ft of industrial and logistics space across four units, which were sold to Mayfair Capital in 2018.
Andrew Blackshaw, chief operating officer at Harworth, said: “This sale to Firethorn is part of a coordinated strategy to realise our vision for Gateway 36 as a major hub for both large and small footprint logistics and manufacturing in Yorkshire. Since acquiring the site, Harworth has transformed the former Rockingham Colliery into a new high-quality development, which benefits from a position adjacent to Junction 36 of the M1.
“This transaction also demonstrates the current market demand for strategically located sites, which are in short supply in the region. Together with the recent sale of our Antsy strategic land site, the proceeds will be recycled into our ongoing development pipeline as well as growing our landbank as we deliver on our strategy to double the size of the business over the next five to seven years.”
Dan Green, associate director at Firethorn Trust, added: “Our strategic approach at Firethorn is to identify and unlock the potential of strong development sites across the UK, to meet the growing need for sustainable, flexible and high-quality logistics accommodation. We are delighted to add this site at Gateway 36 to our logistics portfolio, and with the ever-increasing demand for industrial schemes in Yorkshire, we look forward to delivering our plans at pace.”
