Harworth secures £2.5m rent from investment portfolio lettings

(Sharecast News) - Land developer Harworth Group has announced 267,000 square feet of industrial and logistics lettings over the second half, cutting its investment portfolio vacancy levels to just 1.0%. The five lettings, all signed on vacant space since 1 July, will result in an additional £2.5m in annualised rental income, some 1.4% ahead of estimated rental values.

The most significant asset is the Droitwich in Worcestershire, a 169,410 sq ft warehouse located on the Berry Hill Industrial Estate, which was only completed in August.

"Our network and market intelligence has enabled us to successfully capitalise on the strong demand for Grade A space in our regions, bringing the portfolio to near full occupancy, setting new headline rents and demonstrating the portfolio's reversionary potential," said chief executive Lynda Shillaw.

As a result of the lettings, vacancy levels across Harworth's investment portfolio shrank to just 1.0%, down from 4.9% at the end of June and 5.6% at the end the previous financial year.

"Our strategy of growing our I&L Investment Portfolio by building out our consented pipeline of 8.7m sq ft3 is bearing fruit."