Harworth Group plc, a leading regenerator of land and property for development and investment, has completed three new lettings at Melton Commercial Park in Leicestershire as it continues to grow its underlying income.
John Hill Coach Sales & Services Limited has taken a ten year letting of both the 1,800 sq. ft Unit B & the one acre Plot 15a, generating £36,000 per annum of new income to Harworth. In a separate deal, existing tenant S&J European Haulage Limited has taken a one year lease for Unit C2E, which total c. 3,700 sq. ft, generating a further £15,500 per annum.
Melton Commercial Park is the main employment area of Melton Mowbray, totalling 127 acres and comprising a total of 214,000 sq ft of unit space alongside open storage plots. Only one unit remains available to let – the c. 7,700 sq. ft two-storey Unit H. Harworth is also continuing to promote 5.75 acres of open storage land for immediate occupation, alongside a further 15 acres of development land.
In addition, Harworth has appointed Manchester based agency, Landwood Group, to manage its portfolio of 21 business parks across the UK. Landwood Group has taken over the mandate from Lambert Smith Hampton.
Harworth continues to make excellent progress with its strategy to grow its Income portfolio, which comprises predominantly industrial assets. Over 90% of rent has been collected in all three Quarters, continuing to cover the Group’s overheads and interest. As at 30 June 2020, Harworth also reported a vacancy rate across its built space portfolio of just 3.7% with a WAULT of 13.2 years.
Andrea Morley, Associate Director of Business Space, Harworth Group plc, said: “These deals reflect the team’s continued hard work at maximising the value of the underlying portfolio, with the income continuing to cover Harworth’s operating costs. We continue to see good levels of enquiries for the remaining space across our business parks and I look forward to us announcing further new lettings across the portfolio in both November and December.”
Callum Foley, Asset Manager, Harworth Group plc, said: “Melton Commercial Park has always been a popular site, as the property and land across the site suits a variety of industrial uses. We aim for the site to be fully let as soon as possible through our retained agents at Innes England and Knight Frank.”