Residential sales at key Yorkshire developments

LEI 213800R8JSSGK2KPFG21

21 December 2020                                                                                                                                                          

Harworth Group plc ("Harworth" or the "Company")

Harworth makes further residential sales at key Yorkshire developments

-Deals complete Harworth's Quarter 4 residential sales programme, with a combined  consideration ahead of 31 December 2019 book value-

Harworth Group plc ("Harworth" or the "Company"), a leading regenerator of land and property for development and investment, announces that two parcels of serviced residential land at its Waverley and Flass Lane major developments in Yorkshire have been sold to Avant Homes ("Avant").  The combined disposal price is ahead of the equivalent 31 December 2019 book value.

At Waverley in Rotherham, Avant has acquired 12.94 acres of land where it intends to build 144 new family homes, representing its third land purchase at Harworth's flagship development. The transaction takes the total number of residential plots sold at Waverley to over 1,700 since 2012, further demonstrating the significant contribution that Harworth is making to Sheffield City Region's housing market.

At Flass Lane in Castleford, Avant has acquired the final phase of housing land totalling 9.89 acres where it intends to build 140 new two to four bedroom homes.   This deal means that between 2017 and 2020 Harworth has sold all available residential development land at Flass Lane, with a total of 550 homes to be delivered on the site by 2024.

These transactions further strengthen the working relationship between Avant and Harworth, with the regional housebuilder having previously built new homes at four of Harworth's major developments: Waverley, Prince of Wales in Pontefract, Cadley Park in South Derbyshire and Mapplewell in Barnsley.  

Harworth has enjoyed a strong Quarter 4, having previously completed sales of a similar size to David Wilson Homes at Thoresby Vale in Nottinghamshire and Bellway at South East Coalville in Leicestershire. This strong performance reflects the ongoing resilience of the regional housing market and the appeal of Harworth's development sites.  A total of 51.73 acres of ready to build on land was sold in Quarter 4 for the delivery of 669 new homes, achieving an ahead of 31 December 2019 book value total consideration of £33.017 million.

Lynda Shillaw, Chief Executive of Harworth Group plc, said:

"These transactions are the culmination of an excellent year of land sales for Harworth, generating above book value sales receipts whilst continuing to support the UK's national housebuilding target of 300,000 units per annum.

"Waverley and Flass Lane fit exactly what homeowners are looking for from the places where they live, namely access to outdoor space, a sense of community and good connectivity.  The COVID 19 pandemic has shone a light on the importance of these attributes and they remain absolutely central to how we bring forward our developments to deliver the places where people want to live and work."

Peter Henry, Harworth's Director of Yorkshire & Central, added:

"Waverley and Flass Lane are excellent examples of Harworth's market leading placemaking ability and Avant's decision to buy further land at both sites demonstrates the appeal of both locations.  We look forward to working with Avant to mobilise as quickly as possible to accelerate delivering the new homes that Yorkshire needs."

-ENDS-

Enquiries:

FTI Consulting

Dido Laurimore                                                             T: 020 3727 1000

Richard Gotla                                                                 E: [email protected]

Eve Kirmatzis                                                                                      

NOTES TO EDITORS

About Harworth Group plc

Harworth Group plc is a leading regenerator of land and property for development and investment which owns, develops and manages a portfolio of approximately 18,000 acres of land on around 100 sites located throughout the North of England and Midlands. The Group specialises in the regeneration of large, complex sites, in particular former industrial sites, into new residential developments and employment areas (harworthgroup.com).