Harworth’s ‘beds and sheds’ policy pays off

Rotherham-based Harworth said the 52,000 sq ft “R-evolution Phase 2” at the Advanced Manufacturing Park in Rotherham is now fully let.

It has also completed the third phase of “R-evolution” at the AMP, where Bodycote has taken a 15-year lease, leaving two remaining units available to let in 2019.

Harworth’s Chief Executive, Owen Michaelson, said: “These are excellent results with Harworth again achieving its long-term objective of double-digit total return, reflecting our ability to seize opportunities to maximise the value of our existing portfolio. “This has been achieved whilst simultaneously growing our regional land and property portfolio through selective acquisitions and new lettings, positioning us well for future growth.

“With the ongoing under supply of new homes and commercial space across the UK, our focus on the “beds and sheds” sectors in the North of England and the Midlands continues to address a clear economic and social need, evidenced by strong economic and consumer trends in those regions and reinforced by supportive central and local Government policy. This favourable backdrop coupled with our ability to execute a range of deals and our in-house technical expertise has been reflected in the record residential and commercial land sales realised in the year, alongside headline rents being achieved on commercial space that we have directly developed at our flagship sites at Waverley and Logistics North.

“2018 was a record year for acquisitions, with around £60m of carefully selected purchases. These provided both additional long-term recurring income as we continue to improve the breadth and quality of our income base, and added further strategic land growing our pipeline of large complex sites, particularly those requiring regeneration, to deliver future value gains through our market-leading planning and development expertise.”