Sale of former Kellingley colliery site in Yorkshire helped Harworth deliver strong performance

Last year Harworth announced that it had conditionally exchanged contracts for the sale of its Kellingley development site in Selby, North Yorkshire, to HPREF I Konect Investments SARL, for a consideration of £54.0 million, payable in cash upon completion.

Harworth took control of the 149-acre Kellingley site in 2016, following the closure of the former Kellingley Colliery.

It has since undertaken land remediation and master planning works, and in 2019, received outline planning consent from Selby District Council for the development of up to 1.4 million sq ft of industrial and logistics space, marketed as ‘Konect’.

Lynda Shillaw, Chief Executive of Harworth, commented today: “Harworth maintained its strong momentum throughout 2021.

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

"The proceeds from these sales once completed, alongside the larger senior debt facility we have secured, will provide us with additional firepower to deploy across our development sites and acquisition pipeline."

“Our core sectors continue to perform well, but are not immune to wider macroeconomic pressures. Our focus now is on the execution of the strategy, ensuring that, as we work through our plans, the team has the skills and resources to deliver consistently and successfully, sustainably growing the business and delivering returns through the cycle. This will ensure that we continue to deliver places where people want to live and work.”