14th Jun 2024 12:20
(Alliance News) - Harworth Group PLC's ability to secure planning permission for an industrial and logistics development is a "clear example of the group's strengths," analysts at Davy Research said on Friday.
The Rotherham, England-based firm is a regenerator of land and property for sustainable development and investment.
Harworth on Friday said it received a resolution from North Yorkshire Council's Strategic Planning Committee granting planning permission to develop a major rail-connected industrial and logistics site.
Located at Gascoigne Interchange, a 185-acre brownfield site in Leeds, the development will create up to 1.5 million square feet of space with a gross development value of GBP190 million.
Davy said key to the site's attractive nature is its location, being one of the most strategically located sites in the Yorkshire region. Gascoigne Interchange is rail-connected along Network Rail's Leeds-to-Hull main line, which brings numerous opportunities, the broker added.
Securing the approval is a "clear example of the group's strengths", Davy analysts said.
"The announcement proves Harworth's ability to acquire the 'right' sites and have the correct skills internally to move it through an ever-challenging planning environment. A positive demand environment is also likely to remain in Harworth's key areas, with the group alluding to a Knight Frank report which mentions the 'absence of speculative institutional funding and increasing tenant demand for sustainable space' as creating a strong demand environment in the Yorkshire area over the medium term," analysts at Davy commented.
The broker rates Harworth shares at 'outperform.'
Harworth shares were up 3.0% to 142.61 pence each in London on Friday.
By Jeremy Cutler, Alliance News reporter
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