Harworth sells at Logistics North; buys in Preston

Harworth Group has completed the freehold sale of 44 acres at its Logistics North development in Bolton to a “leading company”, understood to be discount supermarket Lidl, for £22.5m.

The deal is the sixth at Logistics North, following freehold land sales to Aldi, MBDA, Joy Global and Exeter Property Group, alongside a forward funding agreement with M&G Real Estate to build two large commercial units.

The 44-acre plot is set to be used by Lidl for the construction of a regional distribution centre.

Harworth has also made an acquisition, adding Four Oaks Business Park in Preston to its portfolio, for £13.5m.

The 19.4-acre park was sold by Moorcot Property, represented by Aherne Property Consultants and Zaman Roberts.

Four Oaks includes 428,800 sq ft of logistics warehouses, alongside 0.5-acres of potential development land. It is multi-let to tenants including FDC Holdings, Bosal Automotive and H Parkinson Haulage.

The acquisition was wholly funded through existing cash reserves and completion took place within six weeks of agreeing heads of terms.

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Are we to understand from this deal, that very large plots with planning for logistics have become so scarce they are now worth over 500k per acre???

By Al

I am not surprised by this deal but why is Bolton Council lending Harworth Estates which is owned by Peel Holdings money to build new units on Logistics North

By gordon ord