Harworth Group plc
("Harworth" or "the Group")
Harworth completes sale of
16-acre residential land parcel to Taylor Wimpey at its mixed-use
Ironbridge development
Harworth Group plc, a leading regenerator of
land and property for sustainable development and investment, has
completed the sale of a serviced land parcel at Benthall Grange,
its major mixed-use development on the site of the former
Ironbridge Power Station in Shropshire, to Taylor Wimpey UK Limited
("Taylor Wimpey"), for £19.55 million.
The 16-acre land parcel represents the second
phase of Harworth's regeneration of the mixed-use site, and
following the sale of a nine-acre land parcel to Barratt and David
Wilson Homes Mercia in December 2022, nearly a third of the total
plots available have now been sold. Taylor Wimpey plan to develop
200 homes in addition to the 110 homes already planned for
development by Barratt and David Wilson Homes.
The £19.55 million sale price reflects a
premium to the 31 December 2023 book value and highlights the value
Harworth creates through its role as a master developer, with this
site being a leading example of Harworth's ability to deliver
next-generation large-scale developments. Proceeds from the
residential land sale provide the Group with funds to bring forward
regionally significant projects as well as accelerate its
industrial and logistics direct development programme.
Harworth secured planning for the regeneration
of the former Ironbridge Power Station in September 2021, having
acquired the 350-acre site in June 2018. In addition to over 1,000
new homes, plans for the development include a retirement village,
up to 200,000 sq. ft of employment space and a local centre
offering convenience retail and other services. Community amenities
will include a new primary school, allotments and sports pitches,
while the former power station's 1930s pumphouse will be retained
as part of the proposals and transformed into a flexible space for
community and leisure uses. The scheme is expected to be delivered
by 2030.
Lynda Shillaw,
Chief Executive at Harworth, commented: "This
transaction highlights the continued appeal of our serviced land to
housebuilders, enabling them to quickly execute on their own
delivery plans to create new homes in highly desirable communities.
It provides a clear example of how, as a master developer, we are
able to create and release value through our extensive landbank to
fund our industrial and logistics development programme, supporting
our ambitious growth plans to reach £1bn EPRA NDV by the end of
2027."
For further information
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Harworth Group plc
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Lynda Shillaw (Chief
Executive)
Kitty Patmore (Chief Financial
Officer)
Luke Passby (Head of Investor
Relations & Communications)
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T: +44 (0) 7436 167 285
E:
investors@harworthgroup.com
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FTI
Consulting
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Dido Laurimore
Richard Gotla
Eve Kirmatzis
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T: +44 (0) 20 3727 1000
E:
Harworth@fticonsulting.com
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About Harworth
Listed on the Premium Segment of the Main
Market, Harworth Group plc (LSE: HWG) is a leading sustainable
regenerator of land and property for development and investment
which owns, develops and manages a portfolio of over 14,000 acres
of land on around 100 sites located throughout the North of England
and Midlands. The Group specialises in the regeneration of large,
complex sites, in particular former industrial sites, into new
industrial & logistics and residential developments to create
sustainable places where people want to live and work, supporting
new homes, jobs and communities across the regions and delivering
long-term value for all stakeholders. Visit www.harworthgroup.com
for further information. LEI: 213800R8JSSGK2KPFG21.