Harworth, which describes itself as a ‘regenerator of land and property for sustainable development and investment’, has completed the acquisition of a 285,000ft² Grade A urban logistics estate – known as Catalyst – in Rotherham, South Yorkshire.
The £43.7 million purchase price reflects a net initial yield of 5.4%.
Catalyst is located next to Harworth’s flagship industrial development and major UK manufacturing hub, the Advanced Manufacturing Park (AMP).
The scheme was completed in 2023 and comprises of five units. Harworth says that Catalyst is ‘currently 90% let to a diverse range of occupiers’ and it is ‘confident of securing a letting for the final 28,000ft²’.
When fully let, Harworth says that Catalyst will generate £2.5m of annualised rent.
The acquisition is in line with Harworth’s strategy to grow its investment portfolio to £900m by the end of 2029 and transition its core portfolio to 100% Grade A space by 2027.
Lynda Shillaw, CEO of Harworth, commented: “This acquisition, the largest of an industrial and logistics investment asset in Harworth’s history, aligns with our strategy to grow our high-quality investment portfolio.
“It also continues our track record of strategic site assembly, providing an opportunity to extend the AMP, further establishing it as one of the leading manufacturing and distribution centres in the region.
“Increased direct development and the retention of Grade A industrial and logistics assets across our major sites, supplemented by select, income-producing acquisitions, is core to our strategy, whilst we will also look to recycle properties where value has been maximised through completed asset management initiatives.”
