(Alliance News) - Property developer Harworth Group PLC said its joint venture Aire Valley Land LLP has sold 43 acres of commercial development land at its Gateway 45 Leeds site to PLP UK Logistics Venture, the investment vehicle of logistics property firm PLP.
Aire Valley Land is a 50/50 joint venture between Harworth and Evans Property Group.
The deal was completed following PLP receiving reserved matters from Leeds City Council for 855,000 square feet of industrial & distribution space across four units. Work will start on constructing these new units in the summer of 2020.
This marks the final land sale at Gateway 45 Leeds in 2019, with three separate disposals totalling 55.5 acres generating a total consideration to Aire Valley Land of GBP30.3 million.
On the land, 100 acres remain, with high-speed railway developer HS2 Ltd already reserving part of the site for a new rolling stock depot to construction of the phase 2b line between Birmingham and Leeds.
"When we invested into the Aire Valley Land joint venture in 2016, we said that we would create a development of national significance. This land sale, alongside our previous deal with the University of Leeds and its earmarking for a future HS2 rolling stock depot, puts us on the road to delivering this promise in delivering thousands of new good-quality jobs in the North of England," said Harworth Chief Executive Owen Michaelson.
Shares in Harworth - which is headquartered in Rotherham - were up 0.4% at 136.1 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Harworth Gp (HWG)