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Harworth Estates sells fully-let Evolution Business Park for £7million

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Harworth Estates, the major landowner and developer, has sold the Evolution Business Park at Waverley to Cornerstone, the real estate advisory and investment company, for £7million.  Evolution is fully let and has achieved record rental from the recently-announced Rolls-Royce tenancy.

hlw Keeble Hawson logoEvolution has 15 units ranging in size from 2,300 sq ft to 27,000 sq ft and was developed by Harworth Estates in 2008. 

Harworth Estates’ Evolution Business Park at Waverley is on the Advanced Manufacturing Park, between Sheffield and Rotherham.  It is a benchmark development, both in terms of the quality of the design and build and of the tenants it has attracted.

Campbell Carruth, business parks director at Harworth Estates, says:  “Evolution has proved to be a first class development: within the first six months  of 2012 we let four units generating an annual income of over £250,000 and total annual rental income is now £725,000.  This includes what we believe to be a record rental in Yorkshire of £6 per sq ft for Rolls-Royce’s 10,000 sq ft unit.  Other tenants at Evolution include Carbolite, Polymer, Dormer Tools, Xeros, Struers and Liebherr.

“The demand for space at Evolution provided the platform for this sale.  It has been so successful that demand was over-subscribed.“

The AMP’s status is founded on landmark technologies developed at the park, such as those used in Formula One and the next generation of aircraft, including the new Boeing 787 Dreamliner.

Law firm hlw Keeble Hawson represented Harworth Estates in the sale.  Partner Richard Smith said:  “Over the last few years the AMP has been recognised as the prime location for any company wanting to work at the heart of Europe’s advanced manufacturing community.  Securing a blue chip tenant of the calibre of Rolls-Royce was critical to attracting investor interest in Evolution, which was the first speculative development at the AMP.”

The sale of Evolution was conducted jointly by property agents Lambert Smith Hampton and Knight Frank.
 

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