Harworth Group has sold the 134,200 sq ft Moorland Gate Business Park, in Chorley, for £5.3m, to a private buyer. Harworth acquired the park, which sits on a 11.4-acre site, in 2016 and has undertaken a comprehensive asset management programme, increasing occupancy of the 18 units from 40% to more than 80%.
The park was sold at a premium to the park’s June 2022 valuation and the sale price represents a net initial yield of 7.5% and capital value of £42/sq ft.
Harworth has also completed and leased a 39,200 sq ft Grade A warehouse development at Gateway 36 (pictured) in Barnsley.
The unit has been let on a 10-year lease to lifestyle fashion brand Lucy & Yak on a 10-year lease generating annualised rent of £0.3m. At the same site Harworth is making good progress on phase two, which will see two units totalling 71,000 sq ft delivered. It has also submitted planning for a 139,000 sq ft unit, which it intends to pre-let before commencing construction.
Jonathan Haigh, chief investment officer at Harworth, said: “Against a more challenging market backdrop, Harworth continues to make great progress in transitioning its investment portfolio to modern Grade A space. Our Gateway 36 development, adjacent to junction 36 of the M1, will be a major hub for logistics and manufacturing in Yorkshire, and we are very pleased to be welcoming Lucy & Yak as one of the first occupiers for its second phase. This letting demonstrates the attractiveness and suitability of this space to a wide range of businesses.”
Chris Renwick, co-founder and CEO at Lucy & Yak, added: “This is an exciting milestone for Lucy and Yak as the company continues its mission to build a great business by being good to people, communities and the planet. Lucy was born and raised in Barnsley where her family still live. Moving into this space will allow us to eventually provide over 100 living wage jobs in the local area, which is one of the reasons we do what we do.”
Harworth was advised by Savills on the disposal of Moorland Gate Business Park. Knight Frank and GV&Co advised on the letting at Gateway 36.
