Harworth announces third major acquisition of 2016

Harworth is keen to expand in the North West
Harworth is keen to expand in the North West
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Regeneration specialist Harworth Group has bought Moorland Gate Business Park in Chorley, Lancashire for £4.5​m as part of its strategy to build its income portfolio and expand its presence in the North West.​

Rotherham-based Harworth​ said Moorland Gate is ​its third major purchase ​in​ 2016​.​

The business park is less than three miles from Junction 8 of the M61 and close to Harworth’s Logistics North development in Bolton.

The site area covers 10.75 acres with 125,122 sq ft of built space – 83​ per cent​ of which is industrial​ ​and 17​ per cent​ classified as offices​.

​The acquisition ​was ​funded from the ​c​ompany’s cash reserves.​

Commenting on the acquisition ​Harworth’s CEO ​Owen Michaelson said:​ ​“Moorland Gate acquisition is Harworth’s third major purchase of 2016 and reflects our objective to replenish our portfolio with new sites in the regions in which we already operate.

​“​This well-located​ ​investment is an excellent fit to our portfolio being a liquid, income-producing asset with further asset​ ​management and development opportunities.”

​​Existing tenants​ ​at​​ ​Moorland Gate​ include FDC(Holdings and Stagecoach North West.

Harworth’s freehold purchase price of £4.5​m represents a net initial yield of 9.53​ per cent​. ​T​he purchase includes two acres of potential development land that Harworth will​ ​look to develop and effectively utilise.

Iain Griffin, ​a​cquisitions ​m​anager (North) for Harworth, added:​ ​“Moorland Gate offers significant potential for Harworth with its development opportunities and a​ ​strong existing income base, as well as being well located, both close to the M61 and near our flagship​ ​Logistics North development in Bolton.

​“​With strong demand across the regions for good quality​ ​accommodation across a range of unit sizes, central Lancashire offers further opportunities for​ ​growth. We have managed to complete this deal within six weeks using cash reserves and we’ll​ ​continue to seek other similar income-producing assets and development sites to complement our​ ​portfolio in the North West.”

Harworth owns and manages over 22,000 acres of land across 150 sites, ranging from residential development land to commercial properties.