Last checked at 30 Dec 2016 07:00
Harworth acquisition strengthens income portfolio
Harworth Group plc ("Harworth" or the "Company"), the brownfield regeneration and property investment specialist, has acquired Four Oaks Business Park ("Four Oaks") in Preston, Lancashire for £13.5 million as part of its strategy to strengthen its income portfolio and expand further its presence in the North West.
Highlights
· Harworth's freehold purchase represents a Net Initial Yield of 8.74% and a reversionary yield of 11.39%
· Easily accessible, Four Oaks is located 5 miles to the south east of Preston and sits at the intersection of Junction 9 of the M61, Junctions 29 and 30 of the M6 and Junction 2 of the M65. The site is close to Harworth's Logistics North development in Bolton and its recently acquired Moorland Gate Business Park in Chorley
· The site extends across 19.4 acres with 428,800 sq. ft of built logistics warehousing space. There are further asset management and development opportunities, including 0.5 acres of potential development land for roadside uses, that the Company will look to capture
· Four Oaks is a multi-let investment comprising six lettings. The estate is currently fully let and tenants include FDC (Holdings) Ltd, Bosal Automotive and H Parkinson Haulage
· The acquisition was wholly funded through existing cash reserves and completion took place within six weeks of agreeing heads of terms. It is Harworth's fourth major acquisition of 2016
Commenting on the purchase Owen Michaelson, Chief Executive Officer, said:
"The acquisition of the well-located Four Oaks Business Park continues the process of increasing and improving the quality of our recurring income base whilst also providing a blend of asset management and development opportunities to generate future value. This is Harworth's fourth major purchase of 2016 and reinforces our objective of replenishing our portfolio with new sites in the regions in which we already operate."
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Enquiries:
Harworth Group plc | T: 0114 349 3160 / 07825 860215 |
Iain Thomson | E: ithomson@harworthgroup.com |
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Cardew Group | T: 020 7930 0777 |
Emma Crawshaw/Shan Shan Willenbrock / Emma Ruttle |
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About Harworth Group
Listed on the main market, Harworth Group plc is one of the leading regeneration specialists in the UK. Harworth owns and manages over 22,000 acres of land across 150 sites, ranging from residential development land to commercial properties, low-carbon energy schemes and agricultural estates.
Harworth is best known in the North West for delivering Logistics North, the region's largest live commercial development where 4 million sq. ft of consented space will be developed over 250 acres in Bolton and includes Aldi's North West headquarters and distribution centre.
www.harworthgroup.com
www.logisticsnorth.com