Towngate Business Park was sold for £11.2m, and the disposals at Four Oaks Business Park comprised a multi-let unit sold for £12.3m and a single unit sold for £12.3m.
Following the transactions, Harworth's Investment Portfolio sales completed so far this year total £48.4m, at prices in line with December 2022 valuations. They form part of the Group's key strategic objective of transitioning its Investment Portfolio to 100% modern Grade A by 2027, by largely retaining the assets that it develops while disposing of those where value has been maximised through the completion of asset management initiatives.
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The sale proceeds will be used to pursue other elements of Harworth's growth strategy, including its objective of increasing the direct development of industrial & logistics space. The Group developed 432,000 sq. ft in 2022, of which 65% is now let, and a further 110,000 sq. ft so far in 2023, of which 35% is now let. Development of a further 93,000 sq. ft is currently underway at the Advanced Manufacturing Park in Rotherham, with construction of an additional 73,000 sq. ft pre-let and built-to-suit unit at the site expected to commence shortly.
