24th Dec 2024 08:35
(Alliance News) - Harworth Group PLC on Tuesday said it has completed the sale of a 278-acre landsite in Ansty, Warwickshire for GBP53.5 million.
The Rotherham, South Yorkshire-based regenerator of land for sustainable development has 14,000 acres of land on about 100 sites throughout the North of England and the Midlands.
Harworth exchanged contracts with Rugbyalpha (Freeholdco) Ltd, formerly SDI Propco (100) Ltd, in December 2021 for the sale, conditional on the grant of hybrid planning permission.
Following Rugbyalpha's successful planning promotion of the site, the sale has completed at a premium to the land's June 30 book value.
Harworth first acquired the M6-adjacent site in October 2019, and spent the following two years undertaking further land assembly to enhance its value.
Chief Executive Lynda Shillaw said: "The Antsy transaction demonstrates Harworth's specialist ability in creating value from strategic land assembly which, alongside the strength of our balance sheet, enables us to take a longer-term view and develop the right schemes for our sites. Collaboration and partnership are key to unlocking schemes like this and we have worked closely with a number of different stakeholders on this project, including the purchaser since exchange of contracts, ultimately enabling us to accelerate delivery of the site.
"Our ability to identify and unlock significant value from strategic land is a key factor in Harworth's outperformance and we continue to identify and acquire strategic sites like Ansty to support our ambitious growth targets."
CEO Shillaw continued: "Completing the Ansty deal last night, on the back of the Skelton Grange Plot 1 land sale to Microsoft last week, makes for a very Merry Christmas and marks the end of an exciting year at Harworth."
Shares in Harworth were up 1.6% at 171.73 pence each in London on Tuesday morning.
By Emily Parsons, Alliance News reporter
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