In addition, the property and land regenerator sold the freehold for its solar portfolio for £5m to Lightsource BP, which represented a net initial yield of 4.61%.

The portfolio was made up of seven former colliery sites in Yorkshire, Nottinghamshire and Derbyshire — totalling 251 acres — whereby Harworth acted as a landlord for seven solar developments.

Both deals form part of the company’s strategy of recycling capital out of its more mature income assets into new assets with greater return potential.

It aims to improve its recurring income base and deliver a market-leading total return to shareholders through this.

The 253,352 sq ft industrial unit — which stretches across 12.1 acres in Sherburn in Elmet, North Yorkshire — has a low site cover of 47%, which provides future asset management opportunities.

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Harworth has an existing 10-and-a-half-year lease in place with independent converter of polyethylene terephthalate (PET) Esterform Packaging Limited, which provides a net initial yield of 7% in addition to a reversionary yield of 8.1% based on a fixed rental uplift in 2020.

Owen Michaelson, chief executive officer at Harworth Group, said: "Adopting an income portfolio churn strategy is an essential element of delivering market-leading returns and these deals represent this strategy in practice.

“Our operational strength is also strongly in evidence, with the team acquiring a well-located property for our income portfolio with further asset management potential, while also using our proven strong property management skills to deliver another portfolio sale at an attractive low exit yield below 5%.

“Both deals show that the regional markets we operate in remain robust.