SALE OF LAND AT MIDLANDS DEVELOPMENT TO REDROW

RNS Number : 7376O

Harworth Group PLC

03 June 2020

 

 3 June 2020

LEI 213800R8JSSGK2KPFG21

Harworth Group plc

HARWORTH SELLS FIRST PHASE OF LAND AT MAJOR MIDLANDS DEVELOPMENT

TO REDROW

Harworth Group plc ("Harworth" or the "Company"), a leading regenerator of land and property for development and investment, has sold the first parcel of engineered land at its Hugglescote Grange development in Coalville, Leicestershire, to Redrow Homes ("Redrow"), representing its first transaction with this national housebuilder.

The Company has sold 15.99 acres to Redrow in line with its 31 December 2019 book value.  Redrow intends to deliver 204 new family homes on this first phase of Hugglescote Grange, the largest residential development site being brought forward by Harworth's Midlands team.  The 250-acre site, less than two miles from Junction 22 of the M1, has an outline consent in place for 2,016 new homes, alongside supporting uses including a primary school, local community centre and new public realm.

Harworth, through its role as master developer, has completed initial infrastructure works at Hugglescote Grange in order to facilitate the sale, including delivering a new access roundabout from the existing road network alongside internal roads and utilities.  The programme of works has continued over the past two months, with Harworth working with its contractors to ensure the implementation of safe operating procedures in line with Government guidance.  Further residential phase sales are expected in 2021 as Harworth progresses with its on-site infrastructure programme.

Owen Michaelson, Chief Executive of Harworth, said:

"This is a landmark deal for the business, with Redrow now the sixteenth housebuilder to whom we've sold ready-to-build land, reflecting the continued popularity of our product with national and local customers in the North of England and the Midlands. Hugglescote Grange is also one of our six major development sites where ongoing onsite infrastructure and development works have continued despite the COVID-19 pandemic, with the welfare of all staff involved remaining an absolute priority. This sale is the latest demonstration of the Company's market leading skill in realising value for all stakeholders, whilst reaffirming the ongoing demand for housing in the regions."

Further information on Hugglescote Grange can be found at https://www.hugglescotegrange.co.uk/.

-ENDS-

Enquiries: 

Harworth Group plc	FTI Consulting
Owen Michaelson, Chief Executive	Dido Laurimore
Kitty Patmore, Chief Financial Officer	Richard Gotla
Iain Thomson, Head of Communications & IR	Eve Kirmatzis
Tel: [phone] [e-mail]	Tel: [phone] [e-mail]

ABOUT HARWORTH GROUP PLC

Listed on the premium segment of the main market, Harworth Group plc (LSE: HWG) invests to transform land and property into sustainable places where people want to live and work. Harworth owns and manages a portfolio of approximately 18,000 acres of land on around 100 sites located throughout the North of England and Midlands (harworthgroup.com).

 

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