Hargreaves Serv Regulatory News (HSP)

05 February 2021

Hargreaves Services plc

("Hargreaves" or the "Company" or the "Group")

Further Developments at Blindwells

Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, is pleased to announce the conditional sale of a further phase of land at Blindwells, its major 1,600 unit residential development site near Edinburgh.

Following the completion of the first sale of land at Blindwells to Bellway in January, Hargreaves Land has now exchanged a conditional sale contract with Persimmon for a further 12.9 acre parcel. Completion is conditional on receipt of detailed planning permission and the completion of infrastructure works to service the site. The Persimmon phase has capacity for 192 homes including 30 designated as affordable.

The minimum sale value of this phase is £9.3m, with one third payable on completion and two further equal installments to be paid 12 months and 24 months later as infrastructure serving the plots is constructed. Completion is expected in the second half of the financial year ending 31 May 2022.

Commenting on the transaction, Roger McDowell, the Chairman of Hargreaves, said: ''The Board was pleased to see the successful conclusion of the first plot sale at Blindwells and this second phase conditional sale continues the momentum at this high quality development. With multiple phases to follow, the strong market interest being shown by national house builders is very encouraging.''

Note: Blindwells is a major development site of around 150 acres owned by Hargreaves. Located less than 15 miles east of Edinburgh, enabling infrastructure is being carried out progressively by Hargreaves Land to enable the phased sale of residential parcels at Blindwells. The site has outline planning permission for 1,600 homes. Further information is available at www.blindwells.co.uk.

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