REG - Hargreaves Servs PLC - Advanced Completion of Land Sale at Unity JV
RNS Number : 5086WHargreaves Services PLC26 April 202126 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
Tel: 0191 373 4485
Walbrook PR (Financial PR & IR)
Paul McManus / Lianne Cawthorne
Tel: 020 7933 8780 or hargreavesservices@walbrookpr.com
Mob: 07980 541 893 / 07584 391 303
N+1 Singer (Nomad and Joint Corporate Broker)
Sandy Fraser/Justin McKeegan/Rachel Hayes
Tel: 020 7496 3000
Investec (Joint Corporate Broker)
Sara Hale/David Anderson/Shalin Bhamra
Tel: 020 7597 5970
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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.ENDDISFLFSSSVIEFIL
Recent news on Hargreaves Services
See all newsREG - Hargreaves Servs PLC - PDMR/PCA Share Transfer
AnnouncementREG - Hargreaves Servs PLC - Transfer of shares held in Treasury
AnnouncementREG - Hargreaves Servs PLC - PDMR/PCA Share Transfer
AnnouncementREG - Hargreaves Servs PLC - Director/PDMR Dealing
AnnouncementREG - Hargreaves Servs PLC - Retirement Benefit Obligation Buy In update
Announcement