Advanced Completion of Land Sale at Unity JV

RNS Number : 5086W

Hargreaves Services PLC

26 April 2021

 

26 April 2021

Hargreaves Services plc

("Hargreaves" or the "Group")

Advanced Completion of Land Sale at Unity Joint Venture

Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, reports the early completion of the sale of a 79 acre plot (32 hectares) to a national retailer by its Unity joint venture. The sale is the first significant transaction on the Unity mixed use development scheme which is held in a 50:50 joint venture with regional developer Waystone Developments.

The site is for the development of an 800,000 square foot distribution and training centre. Revenue from the sale of approximately £25m was received in full by the joint venture on completion and is being retained within that entity while the Unity board reviews the project's future funding requirements.

Unity, located immediately to the east of Doncaster, is one of the largest regeneration schemes within the Yorkshire region and has planning permission for 2 million square feet of commercial space and 3,100 homes across 650 acres. The project reached a major milestone in December 2020 with the completion and opening of the new Link Road which provides the whole development with direct access to junction 5 of the M18 motorway.

This sale was originally expected to complete in the second half of the financial year ending 31 May 2022 following completion of the site access road and plot servicing. This work, which commenced at the beginning of 2021 and is programmed to complete at the end of this year, is funded independently from Hargreaves. The sale has now been brought forward at the purchaser's request.

Chairman, Roger McDowell, commented : "The Unity scheme is one of the most exciting developments in Hargreaves Land's portfolio and it is encouraging that our purchaser has perceived the benefit of early completion to accelerate their project delivery. This will undoubtedly further enhance the attractiveness of the Unity development to other commercial users."

For further details:  

Hargreaves Services Gordon Banham, Chief Executive Officer John Samuel, Group Finance Director		www.hsgplc.co.uk Tel: [phone]
Walbrook PR (Financial PR & IR) Paul McManus / Lianne Cawthorne	Tel: [phone] or [e-mail] Mob: [phone]
N+1 Singer (Nomad and Joint Corporate Broker) Sandy Fraser/Justin McKeegan/Rachel Hayes		Tel: [phone]
Investec (Joint Corporate Broker) Sara Hale/David Anderson/Shalin Bhamra		Tel: [phone]

About Hargreaves Services plc ( www.hsgplc.co.uk )

Hargreaves Services plc is a diversified group delivering services to the industrial and property sectors, supporting key industries within the UK and South East Asia. The Company's business segments are Services, Hargreaves Land and Hargreaves Services Europe Limited, which owns the Group's investment in a German joint venture. The largest segment is Services, which provides materials handling, mechanical and electrical contracting services and logistics to a range of different industry sectors together with specialist earthworks for major infrastructure projects. Hargreaves Land is focused on the development of brownfield sites for both residential and commercial purposes. Offering a unique range of skills and services, Hargreaves provides unrivalled performance across their business in the Services and Property Development sectors. Hargreaves is headquartered in County Durham and has operational centres across the UK, as well as in Hong Kong and a joint venture in Germany.

 

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