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Harworth acquires Moorland Gate Business Park

14 November 2016 07:33

Harworth, the property regeneration and investment specialist, has acquired Moorland Gate Business Park in Chorley, Lancashire, for £4.5 million as part of the group's strategy to build its income portfolio and expand its presence in the North West.

Highlights

- Freehold purchase represents a Net Initial Yield of 9.53%, with further asset management and development opportunities to be explored

- Moorland Gate is less than 3 miles from Junction 8 of the M61, and close to Harworth's Logistics North development in Bolton

- The site area covers 10.75 acres with 125,122 sq. ft of built space - 83% of which is industrial and 17% classified as offices; this also includes 2 acres of development land

- Acquisition funded from the Company's cash reserves

Chief executive Owen Michaelson said: "Moorland Gate acquisition is Harworth's third major purchase of 2016 and reflects our objective to replenish our portfolio with new sites in the regions in which we already operate. This well-located investment is an excellent fit to our portfolio being a liquid, income-producing asset with further asset management and development opportunities."

Story provided by StockMarketWire.com

Related Company: HWG

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