Property group completes £43.7m deal for 285,000 sq ft logistics scheme
Harworth property group has completed its acquisition of Catalyst, a 285,000 sq ft urban logistics estate in Rotherham, for £43.7m.
The asset, completed in 2023, is next to the group’s industrial development and major UK manufacturing hub, the Advanced Manufacturing Park.
Comprising five units, the scheme is currently 90% let to a diverse range of occupiers.
Harworth said it is confident of securing a letting for the final 28,000 sq ft, adding that when fully let the scheme will generate £2.5m of annualised rent.
The firm explains this acquisition is in line with its strategy to grow its Investment Portfolio to £0.9bn by the end of 2029 and transition its core portfolio to 100% Grade A by 2027.
Following this acquisition, alongside practical completion of a further 73,000 sq ft of industrial & logistics space at the AMP earlier this month, the group’s Investment Portfolio will total 2.8 million sq ft.
Lynda Shillaw, chief executive of Harworth, said: “This acquisition, the largest of an industrial & logistics investment asset in Harworth’s history, aligns with our strategy to grow our high-quality Investment Portfolio.
“It also continues our track record of strategic site assembly, providing an opportunity to extend the AMP, further establishing it as one of the leading manufacturing and distribution centres in the region.
“Increased direct development and the retention of Grade A Industrial & Logistics assets across our major sites, supplemented by select, income producing acquisitions, is core to our strategy, while we will also look to recycle properties where value has been maximised through completed asset management initiatives.”
