Harworth Group said it had made “significant progress” so far in 2023 against all four growth drivers of its strategy to reach £1bn of EPRA NDV by 2027, ahead of its AGM today.
The developer said it had completed, exchanged or was in heads of terms on 74% of budgeted sales for the year across its industrial and logistics and residential land portfolios, at prices in-line with, or at a premium to, book value and revealed it was “working towards exchange of contracts with the selected investment and construction partners for development of a single-family BTR portfolio”.
The group added it was also launching an affordable home portfolio this month to be delivered through a forward-funding arrangement.
Lynda Shillaw, chief executive of Harworth, said: “Harworth has had strong strategic and operational momentum so far in 2023, against a backdrop of robust demand for serviced and therefore de-risked residential land as well as industrial and logistics assets.
“We have made significant sales from our investment portfolio in line with December 2022 valuations which, combined with our direct development of new places, means we are making good progress towards transitioning this portfolio to 100% Grade A. Our sustained progress with acquisitions, planning and development across our land bank, as well as our strong financial position, means we are well positioned to continue to drive value for stakeholders and deliver sustainable places where people want to live and work.”
