Revenues and land sales hit new heights in ‘landmark year’ for property business
Property group, Harworth, has hailed record revenue and land sales and its largest ever sale of regenerated brownfield land in its full year results for the year ended 31 December 2024.
Sales of serviced land and property, in addition to income from rent, royalties and fees, resulted in group revenue of £181.6m (2023: £72.4m).
The Rotherham-headquartered group achieved total property sales of £215.8m across 2,385 residential plots and 4.4m sq ft of industrial & logistics land. Planning approvals were secured for 6.8 million sq ft of industrial & logistics space (2023: 1.1m sq ft) and for 818 residential plots.
Lynda Shillaw, chief executive, said: “Harworth delivered record revenue and land sales in 2024, generating significant value gains.
Lynda Shillaw
“This included two landmark land sales, to Microsoft for a hyperscale data centre and Frasers Group for their global headquarters, alongside record residential plot sales.
“Our performance continues to demonstrate the resilience of our through-the-cycle business model and highlights our ability to capitalise on emerging sectors, such as data centres, to accelerate our sites.
“While we remain cautious in light of the current macro-economic backdrop, our financial flexibility and careful capital allocation, and alignment to structurally undersupplied sectors fundamental to the UK’s growth, mean we are well placed to navigate uncertainty.”
Harworth adds that it has significant firepower to fund its development pipeline, with available liquidity of £192.4m at year-end (2023: £192.2m).
The group says its extensive land bank has capacity to deliver up to 33.6 million sq ft of industrial & logistics space and 31,264 residential plots across the Midlands and the North of England.
During the year, it also made selective strategic acquisitions, including the £43.7m purchase of Catalyst (Rotherham), a 285,000 sq ft urban logistics estate next to Harworth’s flagship Advanced Manufacturing Park.
