Harworth Group PLC Harworth grows land pipeline with Thoresby consent (2530U)
October 23 2017 - 1:00AM
UK Regulatory
TIDMHWG
RNS Number : 2530U
Harworth Group PLC
23 October 2017
23 October 2017
Harworth Group plc ("Harworth" or the "Company")
Harworth grows land pipeline with planning approval at Thoresby,
Nottinghamshire
-Consent achieved for 800 homes adjacent to historic Sherwood
Forest-
Harworth Group plc, the brownfield regeneration and property
investment specialist, announces that it has secured a resolution
to grant planning permission for a major mixed-use redevelopment of
the former Thoresby Colliery in Nottinghamshire, adding to the
Group's portfolio of transformational schemes.
The 450-acre site, adjacent to the historic Sherwood Forest,
will provide up to 800 new homes and 250,000 sq. ft of employment
space, through the consent granted by Newark & Sherwood
District Council. The first phase of residential land, for
approximately 150 homes, is expected to be ready for sale to
housebuilders as serviced plots towards the end of 2018. It is
anticipated that it will take around ten years to fully develop and
the site is expected to contribute towards Harworth's continued
delivery of growing its Net Asset Value by at least 10% per annum
throughout the property cycle.
Harworth acquired the site in October 2015, following the
closure of the colliery - the Midlands' final deep mine - in July
2015. The Company has spent the last two years undertaking site
safety and security works, including demolishing redundant
industrial structures, whilst masterplanning the site for future
uses. The scheme builds on Harworth's track record in transforming
sites with former uses into thriving environments to live and
work.
The current masterplan provides for new housing, a retirement
village, a primary school, a 25-acre business park, leisure
facilities, and a 300-acre country park and is expected to help
create up to 500 jobs. The site benefits from its position next to
the A614/A1, connecting Doncaster and Nottingham.
This is the second significant planning consent the Company has
achieved this month. At the beginning of October, it achieved
consent for a major new commercial development at the site of the
former Alcan Rio Tinto Smelter in Northumberland. This 175 acre
site will provide up to 1.3m sq. ft of manufacturing, distribution
and local start-up space. It benefits from an existing rail
connection, providing access to the Port of Blyth, a substantial
cargo hub, excellent power grid connectivity and its close
proximity to the coastal transport corridor - comprising the A189
and A19 - in Northumberland. Agents have been appointed to market
the site on both a freehold and leasehold basis.
Harworth's consented residential pipeline now stands at 10,887
plots, providing circa 11 years supply at current sales rates,
alongside a consented commercial pipeline of over 12.7m sq. ft.
Owen Michaelson, Chief Executive of Harworth, said:
"Securing a resolution to grant planning permission for both of
these well-located major redevelopments, which will deliver homes,
jobs and investment to the Midlands and North East, is a
significant achievement for Harworth. It is also further
demonstration of our team's expertise in taking complex industrial
sites and, through our planning expertise, transforming them into
sustainable developments for the benefit of local communities.
"This type of planning success continues to underpin our
strategy of maximising value gains from our significant land bank
to drive long term value for shareholders, whilst cementing
Harworth's reputation as the leading provider of sustainable
regeneration projects across the North of England and the
Midlands.
"The securing of these two major planning consents underlines
the success of our management-led milestone delivery business model
and further underpins our confidence in achieving year end results
in line with expectations."
-ENDS-
Enquiries:
Harworth Group plc
Andrew Kirkman, Finance T: 0114 349 3148
Director T: 0114 349 3131/07825
Iain Thomson, Associate 860215
Director ithomson@harworthgroup.com
FTI Consulting T: 020 3727 1000
Dido Laurimore Harworth@fticonsulting.com
Richard Gotla
Tom Gough
NOTES TO EDITORS
About Harworth Group
Listed on the main market, Harworth Group plc (LSE: HWG) is a
leading brownfield regeneration and property investment specialist
which owns, develops and manages a portfolio of approximately
21,000 acres of land on 139 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/
This information is provided by RNS
The company news service from the London Stock Exchange
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