Land regenerator Harworth Group has sold a 16-acre site with planning permission for 200 homes to developer Taylor Wimpey for almost £20m.
The site at Benthall Grange, which is the former home of the Ironbridge Power Station in Shropshire, represents the second phase of Harworth’s regeneration of the mixed-use site.
Taylor Wimpey paid £19.5m for the land, which Harworth said “reflects a premium to the 31 December 2023 book value and highlights the value Harworth creates through its role as a master developer”.
This most recent deal with Taylor Wimpey follows the sale of a nine-acre land parcel to Barratt and David Wilson Homes Mercia in December 2022, with the developer planning 110 homes for the site.
Harworth secured planning for the regeneration of the former Ironbridge Power Station in September 2021, having acquired the 350-acre site in June 2018.
In addition to more than 1,000 new homes, plans for the development include a retirement village, up to 200,000 sq. ft of employment space and a local centre offering convenience shops and other services.
Community amenities will include a new 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, CEO 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.”