Harworth Group plc, the Rotherham-based property regeneration and investment specialist, has acquired Moorland Gate Business Park in Chorley, Lancashire for £4.5m.
The freehold purchase represents a Net Initial Yield of 9.53%, with further asset management and development opportunities to be explored.
Located less than 3 miles from Junction 8 of the M61, Moorland Gate covers 10.75 acres with 125,122 sq. ft of built space – 83% of which is industrial and 17% classified as offices; this also includes 2 acres of development land.
Owen Michaelson, chief executive officer, said: “Moorland Gate acquisition is Harworth’s third major purchase of 2016 and reflects our objective to replenish our portfolio with new sites in the regions in which we already operate.”