Harworth Group secure £6.95m acquistion of industrial park

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Property regeneration company Harworth Group plc has announced the acquisition of an industrial park in Derby for £6.95m, with a net initial yield of 9 per cent.

Sinfin Lane Industrial Park consists of 471,508 sq ft of industrial space with open storage and development land with a historical consent for residential use adjacent to Rolls Royce’s worldwide headquarters.

It is Harworth’s third acquisition over the past nine months, following the purchases of the 162-acre former Skelton Grange power station in Leeds and the 320-acre former aluminium smelter in Lynemouth, Northumberland.

Owen Michaelson, chief executive of Harworth Group, said: “This well-located investment continues the process of improving the recurring income base of our business and will create a highly-liquid, income-producing asset with a number of active asset management opportunities.”