Land regeneration specialist Harworth Group has added a 350-acre site in central England to its land bank portfolio.
The investment firm said it bought the former Ironbridge coal-fired power station in Shropshire, West Midlands for an undisclosed sum.
The site comprises around 240 acres of brownfield land and a neighbouring parcel of over 100 acres of agricultural land.
Harworth said it expects to prepare the site for future development and to promote the site through the planning process, targeting the delivery of a new mixed-use development of several hundred new homes alongside commercial development, leisure uses and significant public open space.
Owen Michaelson, the chief executive officer of Harworth Group, said: “We have proved with our major developments of former coal mines and other industrial sites across the North of England and the Midlands that we have the core skills required to effectively redevelop complex sites. We look forward to doing the same at Ironbridge.”
Michaelson added that the Midlands market remains a key priority for the business as Harworth continues to expand its presence in the region.
“With the continued undersupply of new homes and commercial space, there is good demand from housebuilders and commercial occupiers alike. This acquisition forms part of our ongoing strategy to become the UK’s leading regeneration company.”