Harworth Group plc, the brownfield land and property developer & investor, has secured three new long-term lettings at two of its principal Yorkshire developments – the Advanced Manufacturing Park in Rotherham and Gateway 36 in Barnsley.
These deals have set new headline rents at each site, with Harworth’s recurring income base growing by over £650,000 per annum following their completion. As a result of this activity, all Harworth’s wholly owned direct developments in its Business Space portfolio are now fully let.
Advanced Manufacturing Park, Rotherham
Harworth has secured two new tenants for its second phase of “R-evolution” units at the Advanced Manufacturing Park in Rotherham which practically completed in 2017, meaning this scheme is now fully let. The 25,962 sq. ft Unit 8 building is let to Spendor Audio Systems Limited on a 15-year lease, whilst the 15,063 sq. ft Unit 7A is let to British Steel Limited on a 15-year lease. These lettings have achieved a new headline rent of £7.50 psf for the park. Knight Frank and Gent Visick acted as joint agents for both lettings.
This strong demand for space at the AMP has now led Harworth to begin construction of its third phase of “R-evolution” at the AMP, comprising 55,750 sq. ft of additional commercial space to be built to institutional specifications for advanced manufacturing occupiers. The scheme is due to practically complete in September 2018, with JF Finnegan Limited acting as Harworth’s principal building contractor.
Gateway 36, Barnsley
Harworth has also successfully leased its final vacant unit at its Gateway 36 development in Barnsley. Leading used car supermarket Motor Depot Limited has taken a 15-year lease at the 75,277 sq. ft “Helix” unit, at a headline rent of £5.00 psf. Knight Frank and Gent Visick also acted as joint agents for this scheme.
Ian Ball, Executive Director of Income Generation at Harworth, commented:
“I’m delighted that we have let all of our remaining vacant units at the AMP and Gateway 36 to three successful & growing companies on long-term leases. These lettings justify why we speculatively developed this space over the past eighteen months whilst also emphasising the market’s continued confidence in our product.”
David Travis, Director of Business Space at Harworth, added:
“With our second phase of “R-evolution” at the AMP now fully let, increasingly strong demand from advanced manufacturing occupiers and other supply chain businesses for readily available commercial space at the AMP means that it is an ideal time for us to commence our third speculative phase of “R-evolution”. I am confident that we’ll be able to secure further occupiers of the same ilk as Spendor and British Steel in advance of practical completion being achieved later in 2018, thereby supporting the future success of the AMP and the Advanced Manufacturing sector in the North of England.”
Rebecca Schofield, Partner at Knight Frank in Sheffield who acted for Harworth as joint agent on both sites, commented:
“The Advanced Manufacturing Park continues to go from strength to strength and has attracted some great occupiers, it is now widely recognised as the leading manufacturing park in the UK. Following the announcement of Harworth’s third phase of “R-evolution”, we are already seeing good levels of early interest in potential pre-lets of several units within the scheme”.
Paul Mack, Director at Gent Visick who also acted as joint agent for Harworth on both sites, commented:
“Having already secured Greene King, KFC and Taco Bell as occupiers at the front of the Gateway 36 development, a car supermarket is an ideal fit. We are delighted to have secured one the fastest growing national operators to the development, generating up to 60 new jobs for the local economy.”