Harworth finished 2024 with a land pipeline on which more than 33m sq ft of industrial space and 31,000 new homes could be delivered, according to a trading update for what it calls a record operational year.
Despite some significant sales over the course of the year, the company said it is on track for a property portfolio with a EPRA NDV of £1bn by the end of 2027.
Last year saw the company complete phase one of its largest land sale to date, in which Microsoft is paying £106.6m for 48 acres at Skelton Grange, Leeds, for the construction of a hyperscale data centre. Harworth bought the land in 2014 for £3m.
Acquisitions added 1m sq ft of industrial and logistics space to the pipeline, while residential deals in Stewartby and Grimsby added a further 1,000 and 3,044 plots respectively.
Harworth’s industrial portfolio now consists of 12 sites at various stages of development.
Chief executive Lynda Shillaw said: “We have an extensive platform to scale the business, owning and controlling a sizeable land pipeline capable of delivering 33.6m sq ft of industrial and logistics space and 31,264 new homes, and we remain well positioned in structurally undersupplied sectors that are fundamental to the UK’s economic growth.
“With low debt and high available liquidity, we are well placed to take advantage of opportunities while remaining resilient through the near-term macro-economic uncertainty.”
The company’s 2024 full-year results are expected on 18 March.
Image © Harworth
Send feedback to Jim Larkin
Follow Estates Gazette
