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Harworth Estates sells fully-let Evolution @ the AMP

posted 6 Feb 2013, 07:23 by RiDO Rotherham   [ updated 6 Feb 2013, 07:24 ]
Harworth Estates, the major landowner and developer at the AMP has sold the Evolution @ the AMP development of light industrial / hybrid units to Cornerstone, the real estate advisory and investment company, for £7million. 

The fully let Evolution @ the AMP is a benchmark development, both in terms of the quality of the design and build as well as the tenants it has attracted.

Evolution has 14 units ranging in size from 2,300 sq ft to 27,000 sq ft and was developed by Harworth Estates in 2008. 

Campbell Carruth, business parks director at Harworth Estates, said:  "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. Tenants at Evolution include Carbolite, Polymer Techniques, 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.

Simon Spode, marketing manager at the AMP added: "It had been recognised that there was a gap within the AMP's property product portfolio for the type of units that Evolution provide. It is good that this value is recognised by both our end user companies and the commercial investment market."

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 to the AMP was critical to attracting investor interest in Evolution, which was the first speculative development at the AMP."