Rotherham-based land developer Harworth Group plc said it 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 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 plans 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. 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. 

Lynda Shillaw, Chief Executive at Harworth, said: “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.”