Business parks sold for £35.8m as property group disposes of older assets
Rotherham-headquartered property business, Harworth Group, has sold off £35.8m worth of investment portfolio assets.
It has sold Towngate Business Park, in Widnes and Four Oaks Business Park in Walton Summit, Preston.
Towngate Business Park was sold for £11.2m, and the disposals at Four Oaks Business Park comprised a multi-let unit sold for £12.3m and a single unit sold for £12.3m.
The latest deals mean the group’s investment portfolio sales completed so far this year total £48.4m.
They form part of Harworth’s strategic objective of transitioning its investment portfolio to 100% modern Grade A property by 2027.
Lynda Shillaw, chief executive, said: “Last year Harworth directly developed a record amount of sustainable Grade A industrial and logistics space, as we progressed our growth strategy to become a £1bn business by 2027.
“As we retain more of these high-specification units, we have sought to recycle capital from the disposal of older assets where we have maximised value creation through asset management and development works, and our sales at Widnes and Preston demonstrate this pillar of our strategy in action.
“These transactions also demonstrate continued demand for high-quality industrial and logistics assets from investors.”
Proceeds from the sales in Widnes and Preston will be used to pursue other elements of Harworth’s growth strategy, including its objective of increasing the direct development of industrial and logistics space.
The group developed 432,000 sq ft in 2022, of which 65% is now let, and a further 110,000 sq ft so far in 2023, of which 35% is now let.
Development of a further 93,000 sq ft is currently underway at the Advanced Manufacturing Park in Rotherham, with construction of an additional 73,000 sq ft pre-let and built-to-suit unit at the site expected to begin shortly.