Business
Portfolio update
Portfolio update.
About this update from Harworth Group Plc
[{"type":"text","content":"\n \nRNS Number : 3836W Harworth Group PLC 09 February 2017 \n\n \nHarworth Group plc\nPortfolio Update\n \nHarworth Group plc (\"Harworth\" or the \"Company\"), the brownfield regeneration and property investment specialist, is pleased to announce that it has completed a 225,000ft letting to leading postal operator Whistl at its Logistics North development in Bolton. Additionally, the Company has exchanged contracts with Keepmoat to open up the first phase of housing at its 560 unit Flass Lane development in Castleford, with further sales on other sites expected in forthcoming weeks.\n \n \nHighlights - Logistics North\n \n· Harworth has let Logistics 225, a 224,938 sq. ft Grade A Warehouse, to Whistl on a ten-year lease on behalf of M&G Real Estate at a rent of £6.00 psf.\n \n· The letting was achieved within six weeks of Harworth practically completing the unit after a 30 week build programme ending in December 2016.\n \n· Logistics 225 and its neighbouring Logistics 175 unit (a 175,000 sq. ft Grade A warehouse) were forward funded by M&G Real Estate. Both units were constructed by Harworth to an institutional specification and with a BREEAM very good sustainability rating.\n \n· Under the terms of the funding agreement, Harworth received an open market land value on commencement of the development and a development management fee upon construction. A 'promote' fee will also be paid to the Company on the final valuation of the investment.\n \n· Logistics North is one of the North West's largest live logistics and distribution developments, with over 2m sq. ft of space already built or committed to be built since it received outline planning consent for 4m sq. ft in December 2013.\n \n \nHighlights - Flass Lane\n \n· Keepmoat has exchanged contracts with Harworth to purchase 9.88 acres of land to build 157 plots at Harworth's Flass Lane development in Castleford for £3.65m. The purchase, which is timed to complete when the primary infrastructure works are finished in the early summer, is the first at the development and will deliver a selection of two and three bedroomed homes over the next 18 months.\n...