Harworth launches single-family 'build to rent' portfolio of up to 1,200 homes

Harworth Group said it had witnessed continued operational momentum due to robust demand, as it delivered an update for investors at its annual meeting.

Lynda Shillaw, Chief Executive of Harworth, commented: "We have demonstrated a step change in the scale of our direct development so far this year and recently launched our initial single-family Build to Rent portfolio of up to 1,200 homes: together these will accelerate the delivery of our development sites whilst creating further sustainable places where people want to live and work.

"We have also made great progress in replenishing our strategic land bank, with land acquisitions completed so far this year adding 3.9m sq. ft of industrial and logistics space and 793 residential plots to our pipeline. Although these sites are still largely in the land assembly phase, they represent significant opportunities that will ensure we maintain our target 12 to 15 year land supply as we deliver on our strategic plan.

"Despite macroeconomic headwinds, the fundamental supply and demand factors driving growth in the industrial and logistics and residential markets remain intact. These strong underlying market drivers, combined with our proven successful track record as a developer of large complex sites, our robust financial position, and our focus on creating high-quality, sustainable places, give us confidence in our ability to deliver on our medium-term ambition for Harworth to reach £1bn of EPRA NDV."

Other operational highlights included the development of a further 303,000 sq. ft at the Advanced Manufacturing Park in Waverley, South Yorkshire and Gateway 36, Barnsley, Harworth said.

Harworth said these schemes were a combination of build-to-suit and speculative development