The site – which is a former coal stocking yard – has planning permission for 850,000 sq ft of commercial space.
Gazeley paid the full consideration upon the completion of the deal.
Harworth will reinvest the sale proceeds to bring forward further development land from within its 14 major development sites and in new strategic land acquisitions.
- Harworth practically completes phase three of Yorkshire technology park
- Harworth Group purchases major regeneration site
- Leicester City Council to launch £30m investment fund
The regeneration specialist will also promote the Lounge site’s remaining 48 acres (predominantly agricultural) for employment uses through the planning system.
“This is a positive deal for Harworth, generating another receipt above book value for reinvestment in bringing forward further residential and commercial development land on our major developments across the North of England and the Midlands,” said Owen Michaelson, CEO at Harworth Group.
“It also provides further evidence of the progress the company has made on its 2018 sales programme, with further updates anticipated during the remainder of the year.”