Deal paves way for logistics site expansion

A huge logistics site in Greater Manchester is set for a major expansion after its listed owner raised cash for a land deal.Brownfield regeneration specialist Harworth Group is raising almost £30m through a share placing as it prepares to land acquire for houses and extend Logistics North in Bolton.The business, which has conditionally raised £27.8m, has four option agreements to acquire approximately 200 acres of strategic land.The commercial sites are in Chatterley Valley, Stoke, and Bewshill Farm, Bolton, a 12-acre site that has the potential for 150,000 sq ft of direct development space as an extension of Harworth’s Logistics North development, which has attracted the likes of Whistl, Lidl and MBDA.This land, the residential plots and 600,000 sq ft of new commercial space, requires approximately £19.2m to exercise the options and fund the first three years of expenditure on planning, remediation and infrastructure works, and further site assembly.Four further potential strategic land opportunities are in negotiation, to acquire up to 407 acres of strategic land for both residential and commercial development, requiring about £15.5m of investment.In addition, Harworth has agreed terms for an option agreement on a 263-acre logistics and residential development site that could provide two million sq ft of commercial space and 500 housing plots.A drawdown development agreement is also in place for a 75-acre logistics development site located in Yorkshire, and an option agreement on a 29-acre logistics development site adjacent to a major motorway junction in the North West of the UK.Harworth is also in advanced negotiations for the unconditional purchase of 40 acres adjacent to an existing Harworth site in the North West.