Book value deal completed that emphasises continued strength of the Midlands’ residential market
Harworth Group has sold the second phase of its South East Coalville major development in Leicestershire to FTSE 250 constituent Bellway Homes at a price in line with the 31 December 2019 book value – reflecting the desirability of Harworth’s developments and ongoing resilience of the UK residential market.
The transaction is the first between Harworth and Bellway, which becomes the seventeenth housebuilder to which Harworth has sold remediated land since 2013. Bellway has acquired 12.5 acres and intends to deliver 166 new family homes at the development.
South East Coalville is currently the largest residential development site being brought forward by Harworth’s Midlands team. The 250-acre site, less than two miles from Junction 22 of the M1, has an outline consent in place for 2,016 new homes, alongside supporting uses including a primary school, local community centre and new public realm.
Harworth, through its role as master developer, has completed initial infrastructure works at the site in order to facilitate the sale to Bellway, including delivering a new access roundabout from the existing road network alongside internal roads and utilities.
“The appeal of our major developments and the quality of our serviced land has again been evidenced by Bellway becoming the seventeenth housebuilder to which we’ve sold land in the past seven years. Achieving December 2019 book value also demonstrates the sustained resilience of our property sectors and regional markets, giving us further confidence as we head in to 2021.”
Lynda Shillaw, Chief Executive, Harworth Group
“2020 has been a milestone year for South East Coalville, with extensive remediation and infrastructure works facilitating two significant sales. The development is fast becoming one of the Midlands’ flagship residential schemes and we look forward to Bellway getting on to site as soon as possible to build the homes that the region urgently needs.”
David Cockroft, Regional Director for the Midlands, Harworth Group