REG - Harworth Group PLC - Disposal of residential land parcel for £19.55m

HarworthAnnouncement

20/06/2024 07:00

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RNS Number : 1358T  Harworth Group PLC  20 June 2024

 
Harworth Group plc

("Harworth" or "the Group")

 

Harworth completes sale of 16-acre residential land parcel to Taylor Wimpey at
its mixed-use Ironbridge development

 

Harworth Group plc, a leading regenerator of land and property for sustainable
development and investment, has completed the sale of a serviced land parcel
at Benthall Grange, its major mixed-use development on the site of the former
Ironbridge Power Station in Shropshire, to Taylor Wimpey UK Limited ("Taylor
Wimpey"), for £19.55 million.

 

The 16-acre land parcel represents the second phase of Harworth's regeneration
of the mixed-use site, and following the sale of a nine-acre land parcel to
Barratt and David Wilson Homes Mercia in December 2022, nearly a third of the
total plots available have now been sold. Taylor Wimpey plan to develop 200
homes in addition to the 110 homes already planned for development by Barratt
and David Wilson Homes.

 

The £19.55 million sale price reflects a premium to the 31 December 2023 book
value and highlights the value Harworth creates through its role as a master
developer, with this site being a leading example of Harworth's ability to
deliver next-generation large-scale developments. Proceeds from the
residential land sale provide the Group with funds to bring forward regionally
significant projects as well as accelerate its industrial and logistics direct
development programme.

 

Harworth secured planning for the regeneration of the former Ironbridge Power
Station in September 2021, having acquired the 350-acre site in June 2018. In
addition to over 1,000 new homes, plans for the development include a
retirement village, up to 200,000 sq. ft of employment space and a local
centre offering convenience retail and other services. Community amenities
will include a new primary school, allotments and sports pitches, while the
former power station's 1930s pumphouse will be retained as part of the
proposals and transformed into a flexible space for community and leisure
uses. The scheme is expected to be delivered by 2030.

 

Lynda Shillaw, Chief Executive at Harworth, commented: "This transaction
highlights the continued appeal of our serviced land to housebuilders,
enabling them to quickly execute on their own delivery plans to create new
homes in highly desirable communities. It provides a clear example of how, as
a master developer, we are able to create and release value through our
extensive landbank to fund our industrial and logistics development programme,
supporting our ambitious growth plans to reach £1bn EPRA NDV by the end of
2027."

 

For further information

 

 Harworth Group plc
 Lynda Shillaw (Chief Executive)                                 T: +44 (0) 7436 167 285

 Kitty Patmore (Chief Financial Officer)                         E: investors@harworthgroup.com

 Luke Passby (Head of Investor Relations & Communications)

 FTI Consulting
 Dido Laurimore                                                  T: +44 (0) 20 3727 1000

 Richard Gotla                                                   E: Harworth@fticonsulting.com

 Eve Kirmatzis

 

About Harworth

 

Listed on the Premium Segment of the Main Market, Harworth Group plc (LSE:
HWG) is a leading sustainable regenerator of land and property for development
and investment which owns, develops and manages a portfolio of over 14,000
acres of land on around 100 sites located throughout the North of England and
Midlands. The Group specialises in the regeneration of large, complex sites,
in particular former industrial sites, into new industrial & logistics and
residential developments to create sustainable places where people want to
live and work, supporting new homes, jobs and communities across the regions
and delivering long-term value for all stakeholders. Visit
www.harworthgroup.com for further information. LEI: 213800R8JSSGK2KPFG21.

 

 

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