Harworth enjoys strong trading as it delivers places where people want to live and work

Land regeneration firm Harworth Group has reported a strong performance in 2021, boosted by a buoyant land market, particularly in the industrial and logistics sector.

The Rotherham-based firm now expects that its results for the year to December 31 will be ahead of current consensus as a result of its strong operational performance throughout the year and good progress against the strategic objectives outlined last September.

Lynda Shillaw, chief executive of Harworth, said: “Harworth continued its strong momentum in the second half, as we stepped into our ambitious strategy to double the size of the business over the next five to seven years, and continued to deliver places where people want to live and work.

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"Our performance, combined with underlying market growth, has translated into a substantial year-on-year increase in EPRA NDV and total return.

Harworth's Waverley siteHarworth's Waverley site
Harworth's Waverley site

“In addition to the significant progress made during the second half across planning, direct development, lettings and land sales, we agreed terms for the conditional sales of our Ansty strategic land site and Kellingley development site, at significant premiums to book value.

"The proceeds from these sales once completed, alongside the larger senior debt facility we are currently finalising, should provide us with additional firepower to deploy across our development sites and near-term acquisition pipeline.”

Harworth’s industrial and logistics pipeline at the end of December totalled 28.2 million sq ft, of which 7.3 million sq ft was consented.

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Highlights included exchanging on the conditional sales of a strategic land site in Ansty, Warwickshire for £53.5m and the Kellingley development site in Selby, North Yorkshire, for £54m.

The group also acquired a strategic land site in Rothwell, Northamptonshire, with the potential to deliver 1.5 million sq ft of Grade A industrial and logistics space.

In addition it signed two final lettings at Logistics North in Bolton, Greater Manchester, and an £11.6m land sale at Gateway 36 in Barnsley, South Yorkshire, for the development of a 340,000 sq ft logistics facility.