PROPERTY developer The Hurstwood Group is trying to sell a further £4.4million worth of land.

Bosses of the Rossendale-based company said they were aiming to raise funds for the purchase of "larger stragetic sites" with the move.

Last month we revealed that Hurstwood had put its Burnley Weavers' Triangle site - due to be redeveloped with an 800-seat music venue, restaurants, bars, offices and housing in an £50million scheme- up for sale.

The latest sites put up for auction are:

  • The grade II-listed former market hall, Lord Street, Bacup, with a top guide price of £375,000.
  • Land off Cowpe Road, Cowpe, Rossendale, which has planning permission for 39 residential units, for £2,750,000.
  • an industrial unit and offices at a business park in Wirral, Merseyside, for £850,000.
  • Greensnook Farm, off Greensnook Lane, Bacup, for £350,000.

The sites were auctioned by Pugh and Company in December, but failed to sell.

At the auction, however, retail premises in Whalley Road, Shuttleworth, valued at £284,000, sold.

Gary Taylor, Hurstwood's head of acquistions, said: "We are absolutely delighted with the outcome of the recent auction.

"Even though on the day we only sold one out of the five properties, the sale has stimulated genuine interest in the remaining properties and we have entered into negotiations with various parties.

"It is too early to say whether these will lead to a successful outcome.

"The five properties represent a small fraction of our overall property portfolio and the purpose of the sale was purely strategic.

"The new focus for Hurstwood is on generating funds to invest in larger strategic sites and investment opportunities, particularly in areas of he country where planning restrictions are less onerous.

"Though we put these five sites up for auction we remain committed to seeking out acquisition opportunities.

"Indeed we have recently completed the purchase of Waterside Industrial Estate in Rossendale and have other acquisitions close to completion."

In November, Hurstwood made 30 workers redundant as it prepared for what it described as tougher trading conditions.

Despite the move, bosses still forecasted a 25 per cent increase in construction and development turnover during 2008.

Bosses also said the company would be taking on far fewer speculative building projects following Government changes to business rates regulation from April.