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.
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