Harworth hails record year as acquisitions continue
Having joined the FTSE 250 in autumn, the Rotherham-based property group remains on track to be a £1bn NDV business by the end of 2027.
Harworth will report its full year results for 2024 on 18 March, and this morning issued a trading update broadly in line with market consensus.
The last quarter of 2024 saw completion of a £106m disposal to Microsoft at Skelton Grange near Leeds, and a post-planning £50m+ residential disposal in Warwickshire.
Acquisitions continue to scale the group’s pipeline, adding the potential for 1m sq ft of industrial & logistics space, a 1,000-plot Bedfordshire residential development, and 3,044 plots as part of Harworth’s share of an allocated site near Grimsby, in strategic partnership with a local landowner.
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Chief executive Lynda Shillaw said: “2024 has been a record year for Harworth operationally and, as we enter 2025, we remain confident in our ability to reach our £1bn EPRA NDV target by the end of 2027.
“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 & 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 whilst remaining resilient through the near-term macro-economic uncertainty.”
In the industrial & logistics division that is the engine room of the group as a developer, there are nationally 12 developments currently at various stages of development, from early enabling works through to nearing completion – Harworth is working at industrial hotspots such as Chatterley Valley in Staffordshire and Bolton’s Wingates, as well as its South Yorkshire heartland.
Gascoigne Interchange is another of the group’s major developments, set to bring 1.5m sq ft to North Yorkshire.
Up to 5.9m sq ft is expected to be delivered across the industrial sector running up to the end of 2027. On the residential side, 15% of the 31,000+ plot pipeline is now consented.
