Harworth gets PS2.5 million boost from new industrial lettings
Harworth Group PLC on Thursday said it has secured 267,000 square feet of Industrial & Logistics lettings on previously vacant space since the start of July.
Harworth is a Rotherham, South Yorkshire-based regenerator of land for sustainable development. It said the transactions contribute to a reduction in its investment portfolio EPRA vacancy rate to 1.0% from 4.9% in the first half of the year.
The lettings will deliver an additional £2.5 million in annualised rental income, Harworth said, equating to £9.28 per square foot, which is 13% ahead of the first half headline rent of £8.24 per square foot.
Harworth said the new lettings were most notable at Droitwich, its largest single-unit speculative development, which reached practical completion in August.
‘Our network and market intelligence has enabled us to successfully capitalise on the strong demand for Grade A space in our regions, bringing the portfolio to near full occupancy, setting new headline rents and demonstrating the portfolio’s reversionary potential,’ said Chief Executive Lynda Shillaw.
‘Achieving 100% occupancy at Droitwich, the Advanced Manufacturing Park, Catalyst and Gateway 36 is a strong endorsement of this strategy, the quality of our product, and location of our sites as we optimise delivery opportunities across our consented land bank.’
Harworth shares were up 1.0% at 165.70 pence on Thursday morning in London.
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