Business
Harworth grows income with long-term lettings
Harworth grows income with long-term lettings.
About this update from Harworth Group Plc
[{"type":"text","content":"\n \nRNS Number : 5821F Harworth Group PLC 22 February 2018 \n\n \n 22 February 2018\n \nHarworth Group plc (\"Harworth\" or the \"Group\")\n \nHARWORTH GROWS INCOME WITH SERIES OF LONG-TERM LETTINGS \n \n- Five new lettings signed for commercial space across three sites generating additional recurring income in excess of £1m per annum -\n \nHarworth Group plc, the brownfield land and property developer & investor, has secured five new long-term lettings on its directly developed commercial space at three of its key sites in the North of England, setting new headline rents at each site and growing its recurring, high quality income base by over £1 million per annum. As a result of this activity, Harworth's wholly owned direct developments in its Business Space portfolio are fully let.\n \nLogistics North, Bolton\nHarworth has agreed two ten-year leases with Northern Building Plastics Limited and Vaclensa Limited for its C4 and C5 \"R-evolution\" units at Logistics North in Bolton, totalling 52,871 sq. ft. These lettings, which were completed within two weeks of practical completion in December 2017, were achieved at a new headline rent for Logistics North of £7.00 psf, reflecting the continued strong demand for high quality industrial assets in the region.\n \nAdvanced Manufacturing Park, Rotherham\nIn addition, Harworth has secured two new tenants for its second phase of \"R-evolution\" units at the Advanced Manufacturing Park in Rotherham which practically completed in April 2017, meaning this scheme is now fully let. The 25,962 sq. ft Unit 8 building is let to Spendor Audio Systems Limited on a 15-year lease, whilst the 15,063 sq. ft Unit 7A is let to British Steel Limited on a 15-year lease. These lettings were achieved at a new headline rent of £7.50 psf at the p...