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Harworth locks in five new long-term lettings across Northern assets
Coalfield and other brownfield regeneration specialist the Harworth Group has secured five new lettings for commercial space across three sites, generating itself an additional recurring income of more than £1m a year as a result.
The South Yorkshire-based firm told investors on Thursday that the five new long-term lettings on its directly developed commercial space in the North of England set new headline rents at each site, growing its recurring, high-quality income base by over £1m per annum.
As a result of this activity, Harworth's wholly owned direct developments in its Business Space portfolio were now fully let.
Owen Michaelson, chief executive officer of Harworth, said, "Growing the group's rental income through the letting of newly built commercial space demonstrates the management-led actions we are taking to deliver our strategic priority of improving the quality and size of our recurring income base."
"These lettings also provide further evidence of the underlying strength of the industrial property market across the North of England, as we continue to see demand for high-quality space. We are therefore well positioned to capitalise on the structural drivers of occupier demand and limited supply which is underpinning rental growth in the region. We will look to build out further direct development on our sites in 2018 and beyond," he added.
As of 1000 GMT, shares had inched forward 0.24% to 106.25p.