The developer’s EPRA NDV increased by 8.5% to £719.5m over this time, driven by progressing developments through planning and making gains through sales.

In 2024, Harworth completed the sales of 2,385 plots which was 103.9% more than the 1,170 sold in 2023.

This led to the group generating £215.8m in property sales alone, which also included 4.4m sq ft of industrial and logistics land.

The latter included a £106.6m land sale to Microsoft, of which £47.9m was recognised during 2024.

Harworth has also been progressing its developments through planning approvals.

In 2024, approvals were secured for 818 residential plots with Harworth’s land bank having the capacity to deliver up to 33.6m sq ft of industrial and logistics space and 31,264 residential plots.

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As such, Harworth’s portfolio value has increased by 11.8% over the year to £821.6m.

“While we remain cautious in light of the current macro-economic backdrop, our financial flexibility and careful capital allocation, and alignment to structurally undersupplied sectors fundamental to the UK’s growth, mean we are well placed to navigate uncertainty,” said Lynda Shillaw, CEO at Harworth.

“With a significant number of our sites coming on line for development, we are well positioned to continue to deliver strong returns, creating long-term value for our investors as we recycle capital to unlock the material underlying value of our land bank and increase the development of modern Grade A Industrial & Logistics assets.

“All of these actions provide the foundations for achieving our targets of £1bn of EPRA NDV by the end of 2027 and growing our core Investment Portfolio to £0.9bn by the end of 2029."