Harworth Group PLC Waverley Update (0734M)
July 26 2017 - 1:00AM
UK Regulatory
TIDMHWG
RNS Number : 0734M
Harworth Group PLC
26 July 2017
26 July 2017
Waverley Update
Harworth secures long term leases with advanced manufacturers
and makes residential parcel sale to Taylor Wimpey
Harworth Group plc ("Harworth" or the "Company"), the brownfield
regeneration and property investment specialist, is pleased to
announce that it has signed a conditional 20-year lease with
McLaren Automotive Limited ("McLaren") on a new 75,000 ft(2)
bespoke unit at the Advanced Manufacturing Park (the "AMP"). The
unit will be designed and built by Harworth. In a separate
transaction, Harworth has also signed a 15-year lease with an
unnamed advanced manufacturer for a new 11,044 ft(2) unit at the
AMP.
Harworth also announces that it has sold 8.17 acres to Taylor
Wimpey to build a further 130 homes on its Waverley development;
supporting the Company's strategy of balancing sales with
infrastructure funding.
Income Generation
Harworth has signed a conditional twenty-year lease with McLaren
on a new 75,000 ft(2) bespoke manufacturing unit at the AMP, to be
designed and built by Harworth. The new unit is being built on
Harworth's next phase of employment land known as "AMPlify @ The
AMP", with unit construction due to commence on site in August
2017. McLaren is expected to take occupation of the new unit in
summer 2018, following practical completion.
The new purpose-built unit will act as McLaren's new 'Composites
Technology Centre', developing and building carbon-fibre tubs
around which its vehicles are built. The move to the AMP follows
McLaren's announcement in February of this year to create 200 jobs
at the Advanced Manufacturing Innovation District as part of its
research partnership with the University of Sheffield's Advanced
Manufacturing Research Centre which is already based at the AMP.
Co-location of both entities is essential in utilising new
techniques to deliver the very best from McLaren's composite
products.
In a separate transaction, Harworth has also signed a 15-year
lease with an unnamed advanced manufacturer for a new 11,044 ft(2)
unit at the AMP. The unit was speculatively constructed and the
lease was completed within eight weeks of practical completion.
Capital Growth
Harworth has sold 8.17 acres to Taylor Wimpey, for the
construction of a further 130 houses on the Waverley development.
This is Taylor Wimpey's third purchase of land at Waverley,
following previous land purchases in 2013 and 2015 for a total of
192 plots.
Harworth plans to complete further residential sales at Waverley
in the second half of 2017, reflecting the underlying strength of
Yorkshire's housing market.
Commenting on these deals, Owen Michaelson, Chief Executive
Officer, said:
"This announcement continues to demonstrate the fundamental
strength of our regional residential and commercial markets. We are
delighted to welcome McLaren to the AMP and to be able to support
them in their ongoing growth. The two announced lease agreements
serve as further examples of how we are improving the quality of
our income base as we continue to deliver NAV growth across the
portfolio. We are maintaining development momentum at the AMP and
demand for new units remains high, with the McLaren deal
demonstrating how the Harworth offering has evolved to incorporate
the design and build of specialist purpose built units on behalf of
blue-chip occupiers.
"The sale of residential plots to Taylor Wimpey marks our ninth
sale of engineered housing land on Waverley. This will add to the
650 homes that have already built and occupied on the site since
2012, reflecting good demand for our engineered brownfield land
from housebuilders."
-ENDS-
Enquiries:
Harworth Group plc T: 0114 349 3160 / 07825
860215
Iain Thomson E: ithomson@harworthgroup.com
Cardew Group T: 020 7930 0777
Emma Crawshaw
Shan Shan Willenbrock
NOTES TO EDITORS
About Harworth Group
Listed on the main market of the London Stock Exchange, Harworth
Group plc (LSE: HWG) is a leading brownfield regeneration and
property investment specialist which owns and manages a portfolio
of approximately 22,000 acres of land over 140 sites located
throughout the Midlands and North of England. The Company
specialises in the regeneration of former coalfield sites and other
brownfield land into employment areas, new residential developments
and low carbon energy projects.
http://www.harworthgroup.com/
Waverley
Waverley is Yorkshire's largest-ever brownfield redevelopment at
740-acres, with Harworth delivering a new community of 3,890 homes
alongside the world-renowned Advanced Manufacturing Park. Over 1m
ft(2) of employment space and more than 650 homes have already been
built and occupied on the site to date.
Advanced Manufacturing Park ("AMP")
The AMP is already home to businesses that provide world-class
technology solutions for use in precision industries including
aerospace, defence, construction, automotive, sport and others.
Occupiers include the Advanced Manufacturing Research Centre,
Boeing, Rolls-Royce, Castings Technology International, Dormer
Tools and Sandvik Coromant.
The second phase of "R-evolution" at the AMP involved Harworth
speculatively constructing six new units, ranging from 4,966 ft(2)
to 26,107 ft(2) , to an institutional specification with advanced
manufacturers in mind, given the high levels of demand that exists
for such prime space. Completion of the units took place at the end
of April 2017. The remaining five units are being actively promoted
through joint agents Knight Frank and Gent Visick.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSESFMIFWSEEW
(END) Dow Jones Newswires
July 26, 2017 02:00 ET (06:00 GMT)
Harworth (LSE:HWG)
Historical Stock Chart
From Apr 2024 to May 2024
Harworth (LSE:HWG)
Historical Stock Chart
From May 2023 to May 2024