Harworth Group has completed the sale of a serviced land parcel at Benthall Grange, its major mixed-use development on the site of the former Ironbridge Power Station in Shropshire, to Taylor Wimpey.
The 16-acre land parcel changed hands for nearly £19.6m. The plot represents the second phase of Harworth’s regeneration of the wider 350-acre site, and follows the sale of a nine-acre land parcel to Barratt and David Wilson Homes Mercia in 2022.
Nearly a third of the total plots available have been sold. Taylor Wimpey aims to develop 200 homes on the site, in addition to the 110 homes already planned for development by Barratt and David Wilson Homes.
Harworth said the sale price reflected a premium to December book value. Proceeds from the residential land sale will be used to bring forward “regionally significant” projects as well as speed up its industrial and logistics direct development programme.
Harworth secured planning for the regeneration of the former Ironbridge Power Station in 2021. It bought the site in 2018.
In addition to more than 1,000 homes, plans for the development include a retirement village, up to 200,000 sq ft of employment space and a local centre offering convenience retail and other services.
Community amenities will include a primary school, allotments and sports pitches, while the former power station’s 1930s pumphouse will be retained as part of the proposals and transformed into a flexible space for community and leisure uses. The scheme is expected to be delivered by 2030.
Lynda Shillaw, chief executive at Harworth, said: “This transaction highlights the continued appeal of our serviced land to housebuilders, enabling them to quickly execute on their own delivery plans to create new homes in highly desirable communities.
“It provides a clear example of how, as a master developer, we are able to create and release value through our extensive landbank to fund our industrial and logistics development programme, supporting our ambitious growth plans to reach £1bn EPRA NDV by the end of 2027.”
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