Harworth Makes Further Land Sale at Logistics North as it Nears Completion
Harworth Group plc, a leading regenerator of land and property for development and investment, announces that it has made a further land sale at Logistics North, the largest live commercial development in the North West of England, as it nears the completion of the scheme.
The Company has sold Plot C1, a 2.2 acre plot at the development’s entrance, to A&F Forecourts Ltd (“A&F”), at a price above book value. This is A&F’s second deal with Harworth at Logistics North, following the business’ acquisition of the nearby 0.73 acre Plot A4 in December 2019.
A&F has planning permission from Bolton Council for a petrol filling station, forecourt shop, car wash and Electric Vehicle charging points. Construction is planned to begin in September and is estimated to take twelve months to build out.
Harworth received outline planning consent for Logistics North at the end of December 2013. Nearly 6,000 people are now employed on the site by a range of different occupiers based there including Amazon, Aldi, Whistl, MBDA, Greene King, Costa and Komatsu. Once complete, the development will deliver over 7,000 jobs and add around £300m in Gross Value Added to the Greater Manchester economy per annum.
Only two plots at Logistics North remain available for development. A reserved matters planning application has been submitted to Bolton Council for the development of Plot H, a 4.4 acre plot capable of accommodating a unit of up to 50,809 sq. ft, with a determination expected by the end of the Summer. In addition, Multiply Logistics North – the joint venture between Harworth and the LPPI Real Estate ACS c/o Knight Frank Investment Management (“KFIM”) – has reserved matters planning consent in place for Unit F2/H, which could deliver over 130,000 sq. ft of institutional quality space capable of supporting a wide range of occupier uses.
Steven Knowles, Regional Director – North West, Harworth Group plc, commented:
“Logistics North has been a tremendous success story for Bolton and the North West and this latest deal edges us closer to realising our vision for the scheme. We are hopeful that we will be able to conclude the development of the site by the end of next year, delivering further jobs and investment well ahead of our initial schedule.”
Matthew Whiteley, Development Manager – North West, Harworth Group plc, added:
“We have been very impressed by the plans A&F has put forward for Plot C1. The development will provide additional facilities for Logistics North’s existing occupiers and local residents, whilst the EV charging points will further future proof the development. I look forward to it being delivered over the next twelve months.”
Dave Jones, Non-Executive Director, A&F Forecourts Ltd, further added:
“We are delighted to have completed this investment acquisition and to be able to add this exceptional site to our portfolio. It has been a pleasure working with the team once again at Harworth and we are particularly grateful for the expert input received from Lamb and Swift Commercial Property services and HSBC plc. We now look forward to pressing ahead with the development phase to reinforce our contribution to the Logistics North success story.”
JLL and B8RE acted for Harworth and Lamb & Swift acted for A&F, whilst Eversheds provided legal advice.