REG - Hargreaves Servs PLC - Conditional contracts exchanged

Hargreaves ServicesAnnouncement

21/02/2022 07:01

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RNS Number : 1935C  Hargreaves Services PLC  21 February 2022

 

Hargreaves Services plc

("Hargreaves" or the "Group")

 

Conditional contracts exchanged at Unity Joint Venture and Blindwells

 

Hargreaves Services plc (AIM: HSP), a diversified group delivering services to
the industrial and property sectors, announces that Waystone Hargreaves Land
LLP, the 50:50 joint venture company developing the 650 acre (263 ha) mixed
use Unity(1) project, has exchanged conditional contracts with Aver Property
Limited Partnership for the development and sale of two large distribution
units on plots of 19 acres (8 ha) and 10 acres (4 ha). On legal completion,
the two contracts will generate combined revenue in excess of £50m for the
joint venture. Net cash proceeds from the contract after allowing for the
costs of the development will be distributed following project completion
subject to the funding requirements of the joint venture at the time.

 

The two distribution/industrial units comprise 191,000 sq ft and 375,000 sq ft
respectively. They will both be located on Unity Connect, the dedicated
employment area of Unity located immediately adjacent to junction 5 of the M18
motorway. This area already has outline planning permission for industrial and
logistics space and forms part of a wider planning permission for 2 million sq
ft of commercial space and 3,100 homes across the Unity development site.

 

Both transactions are conditional upon the grant of detailed planning
permission and are expected to become unconditional before the end of 2022 and
be completed within 12 months of commencement of construction.

 

This large industrial and distribution scheme follows on from the April 2021
completion of the sale of a 79 acre (32 ha) development site for a regional
logistics hub to a national retailer and represents a further acceleration of
the Unity project.

 

The Group is also announcing the exchange of another conditional contract at
Blindwells. This is for the sale of 4.6 acres to regional housebuilder,
Ogilvie Homes. This latest exchange follows the recently completed sale to
Persimmon and will deliver 77 homes, including 23 affordable and will generate
a minimum revenue of £3.5m.

 

Roger McDowell, Non-Executive Chairman of Hargreaves, said: "The Board is
delighted to see further progress being made at Unity by the Hargreaves Land
team and our Waystone partners. This is another positive step towards
realising the inherent value of the Group's substantial land portfolio."

 

(1) - Unity, located immediately to the east of Doncaster, South Yorkshire, is
one of the largest regeneration schemes within the Yorkshire region

 

For further details:

 

 Hargreaves Services                                                       www.hsgplc.co.uk (http://www.hsgplc.co.uk)

 Gordon Banham, Chief Executive Officer                                    Tel: 0191 373 4485
 John Samuel, Group Finance Director

 Walbrook PR (Financial PR & IR)      Tel: 020 7933 8780 or hargreavesservices@walbrookpr.com
 Paul McManus / Lianne Applegarth /                       Mob: 07980 541 893 / 07584 391 303 /
 Louis Ashe-Jepson                    07747 515 393

 Singer Capital Markets (Nomad and Joint Corporate Broker)                                         Tel: 020 7496 3000
 Sandy Fraser/ Justin McKeegan / Rachel Hayes

 Investec (Joint Corporate Broker)                                         Tel: 020 7597 5970
 Sara Hale / David Anderson / Shalin Bhamra

 

About Hargreaves Services plc (www.hsgplc.co.uk (http://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 three business segments are Services,
Hargreaves Land and an investment in a German joint venture, Hargreaves Raw
Materials Services GmbH ("HRMS"). Services provides critical support to many
core industries including Energy, Environmental, UK Infrastructure and certain
manufacturing industries through the provision of materials handling,
mechanical and electrical contracting services, logistics and major
earthworks. Hargreaves Land is focused on the sustainable development of
brownfield sites for both residential and commercial purposes. HRMS trades in
specialist commodity markets and owns DK Recycling, a specialist recycler of
steel waste material. Hargreaves is headquartered in County Durham and has
operational centres across the UK, as well as in Hong Kong and a joint venture
in Duisburg, Germany.

 

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