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LONDON (Alliance News) - Harworth Group PLC said Tuesday it has made good progress in the first four months of 2016 and expects full year results to meet its expectations.
Chief Executive Owen Michaelson said in a statement to be made at the property regeneration and investment company's annual general meeting today that, following recent purchases, Harworth now has 10.5 million square feet of consented employment space ready to build within its portfolio. This is compared with March 2015, when it had 8.1 million square feet.
The purchases include the 50% share in Aire Valley Land LLP, which owns an 165 acre logistics hub in Leeds, it purchased in March. Harworth also bought the 20,000 square feet office building Sanderson House in Rotherham during the period.
Michaelson said progress had continued to be made in securing planning consents, with 10,199 consented residential plots now in its portfolio, from 7,864 in March 2015. Of these, Harworth has secured planning consent for 65 residential plots during the period with its partner Welbeck Estate Co Ltd.
Residential development has begun on its North Gawber development in Barnsley, following the completion of infrastructure works, the chief executive said.
"Commercial development remains a priority, evidenced by our decision in January to build a new 75,000 square feet unit on our Gateway 36 development in Barnsley as part of the scheme's first phase of development," Michaelson said, adding that, in March, Sheffield City Region provided funding to Barnsley Council for major road infrastructure works on the Dearne Valley Parkway.
Michaelson said this will open up future phases of the development, which is estimated to provide a further 1.1 million square foot of commercial space.
Michaelson added that good progress has been made at its flagship developments at Waverley in Rotherham and Logistics North in Bolton, with planning consent secured for the development on the Advanced Manufacturing Park at Waverley in April and further infrastructure works completed in Bolton.
Demand for new housing and commercial space continued to be steady within its regions, Michaleson said, adding that capital investment will continue to be concentrated on our brownfield sites with the greatest enhancement potential.
"As in previous years, we expect both residential and commercial sales to be weighted towards the second half of the year," Michaelson said.
The chief executive also noted that Andrew Cunningham, the former chief executive of residential landlord Grainger PLC has been appointed to the board as an independent non-executive director with effect from May 1.
Shares in Harworth were up 1.2% at 10.25 pence on Tuesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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