Harworth acquires Moorland Gate business park

Harworth Group, the property regeneration and investment specialist, has acquired Moorland Gate business park in Chorley, Lancashire for £4.5m cash.

The move is part of the group’s strategy to build its income portfolio and expand its presence in the North West, with the property located not far from the company’s Logistics North development in Bolton.

The site area covers 10.75 acres with 125,122 square foot of built space, 83% of which is industrial and 17% classified as offices, including two acres of development land.

The freehold purchase represents a net initial yield of 9.53% with further asset management and development opportunities to be explored. Harworth funded the acquisition using its 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.”

The share price rose 3.64% to 91.20p at 1036 GMT on Monday.