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05 Feb 2021 | 13:22

Hargreaves Services sells another parcel of land at Blindwells

(Sharecast News) - Industrial and property service provider Hargreaves Services announced the conditional sale of a further phase of land at Blindwells, its major 1,600 unit residential development site near Edinburgh, on Friday. The AIM-traded firm said that, following the completion of the first sale of land at Blindwells to Bellway in January, Hargreaves Land had now exchanged a conditional sale contract with Persimmon for a further 12.9 acre parcel.

Completion was conditional on the receipt of detailed planning permission and the completion of infrastructure works to service the site.

The Persimmon phase had capacity for 192 homes, including 30 designated as affordable.

Hargreaves said the minimum sale value of the phase was £9.3m, with one third payable on completion and two further equal installments to be paid 12 months and 24 months later, as infrastructure serving the plots was constructed.

Completion is expected in the second half of the financial year ending 31 May 2022.

"The board was pleased to see the successful conclusion of the first plot sale at Blindwells and this second phase conditional sale continues the momentum at this high quality development," said chairman Roger McDowell.

"With multiple phases to follow, the strong market interest being shown by national house builders is very encouraging."

At 1229 GMT, shares in Hargreaves Services were up 4.36% at 292.2p.
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