Rotherham-based land developer Harworth Group plc said it has bought Catalyst, a 285,000 sq. ft., Grade A, urban logistics estate in Rotherham, South Yorkshire for £43.7 million.

The asset, completed in 2023, is strategically located adjacent to Harworth’s flagship industrial development and major UK manufacturing hub, the Advanced Manufacturing Park, giving it extensive frontage on both sides of the Sheffield Parkway and arterial connectivity.

Comprising five units, the scheme is currently 90% let to a diverse range of occupiers, with a WAULT of 6.6 years to break and 10.1 years to expiry. Harworth is confident of securing a letting for the final 28,000 sq. ft, and when fully let the scheme will generate £2.5m of annualised rent.

The acquisition provides an opportunity to implement tailored asset management initiatives and deliver additional value across the wider AMP, where Harworth said it continues to see strong demand from occupiers, and rents have recently exceeded £10 per sq. ft.

Lynda Shillaw, Chief Executive of Harworth, said: “This acquisition, the largest of an Industrial & Logistics investment asset in Harworth’s history, aligns with our strategy to grow our high-quality Investment Portfolio. It also continues our track record of strategic site assembly, providing an opportunity to extend the AMP, further establishing it as one of the leading manufacturing and distribution centres in the region.

“Increased direct development and the retention of Grade A Industrial & Logistics assets across our major sites, supplemented by select, income producing acquisitions, is core to our strategy, whilst we will also look to recycle properties where value has been maximised through completed asset management initiatives.”