Harworth Group plc, the UK property regeneration company, announces the acquisition of Sinfin Lane Industrial Park in Derby for £6.95 million, with a net initial yield of 9.0%.
Sinfin Lane Industrial Park consists of 471,508 sq ft of industrial space with open storage and development landwith a historical consent for residential use adjacent to Rolls Royce’s worldwide headquarters.
It is Harworth’s third acquisition over the past nine months, following the purchases of the 162-acre former Skelton Grange power station in Leeds and the 320-acre former aluminium smelter in Lynemouth, Northumberland.
Owen Michaelson, Chief Executive of Harworth Group, said: “This well-located investment continues the process of improving the recurring income base of our business and will create a highly-liquid, income-producing asset with a number of active asset management opportunities.”