Harworth Group plc, a leading regenerator of land and property for development and investment, has sold over £1.25m of primarily restored agricultural land as part of further refining its management focus towards its major sites.
Through its Natural Resources team and joint retained agents Savills and Fisher German it has sold 345 acres of land across three separate land parcels in the North East and the Midlands for a total consideration of £1.275 million. None of the sites had any further development potential for either residential or employment use and thus did not form part of Harworth’s long-term strategy.
These sales have contributed to Harworth’s strong financial position. The Company issued a trading statement on 30 April 2020 which confirmed it has extended its current Revolving Credit Facility by £30m, providing it with headroom of £64m for operational flexibility during the COVID-19 pandemic and for selective acquisitions across the North of England and the Midlands.
Harworth plans to bring to market a further c.1,500 acres of non-core restored agricultural or vacant land in the North of England and the Midlands during the remainder of 2020, with further sales expected by the end of June. Joint retained agents Savills and Fisher German will be marketing these land parcels on a phased basis.
“Demand for our agricultural or vacant land across the UK has held up extremely well despite the COVID-19 pandemic, with all three sales completing in the last six weeks alone. I am confident that the remainder of our planned sales will follow a similar pattern in the remainder of the year, providing further firepower to the business as we navigate our way through and out of the pandemic.”Peter Massie, Asset Manager, Harworth Group plc
“Whilst there is not a great deal of new activity in the market, Savills has continued to agree and progress deals on behalf of clients, perhaps an early indication of a re-invigorated desire from some to invest in tangible assets. With strong fundamentals and continued constrained supply, the UK farmland market is well placed in these unprecedented times.”Will Douglas, Associate Director, Savills