Rotherham-based property and land regeneration firm Harworth Group plc said on Friday it has conditionally exchanged contracts for the sale of its strategic land site in Ansty, Warwickshire, to SDI Propco (100) Limited for £53.5 million.
“Completion of the transaction is conditional on the granting of hybrid planning permission,” said Harworth.
The Ansty site extends to 278 acres and is adjacent to Junction 2 of the M6, connecting to the M69.
Harworth first acquired land at the site in October 2019 and has been undertaking land assembly works during the past two years.
“The site had a valuation of £23.9 million as at 30 June 2021 and, owing to its status as strategic land awaiting development, generated no income in the six months to 30 June 2021,” said Harworth.
“Harworth intends to use the proceeds from the sale for general business purposes, aligned to its recently announced strategy to double the size of its business over the next five to seven years.”
Harworth CEO Lynda Shillaw said: “Our Ansty site demonstrates Harworth’s unique skills in acquiring and assembling land in locations that are strategic employment hubs within the regions in which we operate.
“By working with a large strategic occupier, this sale enables us to accelerate delivery of this site.
“The proceeds will be recycled into progressing development activities across our sites and making acquisitions, such as the Rothwell site that we acquired last month.
“Together with our strong sales activity across our major development sites in the final quarter of 2021, these transactions underline how we are already delivering on our recently announced strategy to double the size of our business over the next five to seven years.”