Harworth Group plc, a leading regenerator of land and property for development and investment, announces that it has sold 55 acres at its Lounge site in Leicestershire to Gazeley for £18.7 million, representing a small premium to book value. Gazeley paid the full consideration upon deal completion.
Harworth will reinvest the sale proceeds to bring forward further development land from within its 14 major development sites and in new strategic land acquisitions. It will also promote the Lounge site’s remaining 48 predominantly agricultural acres for employment uses through the planning system.
The site, a former coal stocking yard located adjacent to Junction 13 of the A42 near Ashby-de-la-Zouch, has an existing planning consent for 0.85m sq. ft of commercial space.
Owen Michaelson, Chief Executive Officer, commented:
“This is a positive deal for Harworth, generating another receipt above book value for reinvestment in bringing forward further residential and commercial development land on our major developments across the North of England and the Midlands. It also provides further evidence of the progress the company has made on its 2018 sales programme, with further updates anticipated during the remainder of the year.”