Henderson Park is buying a 136-acre logistics development site in the UK from Harworth for £54m (€63m).

Henderson Park park said Cole Waterhouse will manage the acquisition execution, development and leasing of the site in Yorkshire.

The manager said the site – which will be the only UK inland distribution park offering tri-modal connectivity with road, water and rail connections – has already been prepared for development and work is due to commence in April 2022.

Christophe Kuhbier, managing director of Henderson Park, said: “This is a rare opportunity to develop a single-ownership logistics estate of scale, designed to the highest technical specifications and with the latest occupier requirements in mind.

“Amidst the broader fundamentals of the UK logistics sector, we like the dynamics of the Yorkshire submarket, and believe this strategically located site is optimally placed to deliver much-needed capacity into the local market.”

Damian Flood, CEO of Cole Waterhouse, said: “This is our first project with Henderson Park and we are excited to be working with an experienced joint venture partner that shares our focus on sustainable development and creating value.

“We are actively looking for additional opportunities to bring forward in well located and connected logistics sites across the UK.”

Harworth took control of the 149-acre Kellingley site in 2016, following the closure of the former Kellingley Colliery. It has since undertaken land remediation and master planning works, and in 2019, received outline planning consent for the development of up to 1.4m sqft of industrial and logistics space. The site had a valuation of £31.1m as at 30 June 2021.

Lynda Shillaw, CEO of Harworth, said the completion of this sale, which is conditional on the receipt of planning approval, would allow Harworth to accelerate the realisation of value from this site.

“The sale proceeds will be used to continue the build-out of our other development sites, including our consented industrial sites in Yorkshire, and for expanding our strategic landbank, in line with our recently announced strategy.”

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