Harworth Group has completed the sale of the 148,000 sq ft Etherow Industrial Estate in Glossop, Derbyshire, for £8.1m – a 3% premium to book value.
The group acquired the 10-acre estate on a long leasehold in 2019 and has completed an extensive asset management programme at the site, including the acquisition of the freehold, demolition of an office building to increase open storage availability, a refurbishment and lease renewal for the Apex Self Storage unit and lease re-gears for all other occupiers.
The sale is part of the group’s strategy to transition its core Investment Portfolio to 100% Grade A, by retaining high-specification units that it has developed while selectively disposing of both secondary assets where the viability to transform or upgrade is limited and older Grade A assets where it has delivered its asset management plans.
Jonathan Haigh, chief investment officer at Harworth, said: “The disposal of Etherow Industrial Estate at a premium to book value demonstrates strong levels of demand in our regional markets and is a further important step towards transitioning our investment portfolio to 100% Grade A. The proceeds of the sale will be recycled into higher returning opportunities aligned to powered land and industrial growth sectors.”
