Member Article

Langtree Group acquires Carrington Estate and Business Park from Shell

Merseyside-based Langtree Group has completed its acquisition of the 1,600 acre Carrington Estate and Carrington Business Park Limited from Shell.

The strategic site in Greater Manchester is recognised as one of the largest development opportunities in the region. It is considered suitable for a major mixed use development, providing new settlements and new large scale employment opportunities.

The deal, for an undisclosed sum, will mean ‘no change’ for the existing tenants of the site, according to Langtree Group chief executive John Downes.

Mr Downes said:“We’re looking forward to working in partnership with all stakeholders to identify how best to evolve, modernise and develop the site to maximise the opportunity it presents.

“Shell has been a fine custodian of the estate and we shall continue that tradition whilst focusing our attention on ensuring that the property offer is advanced.

“In the meantime, it’s business as usual for all occupiers of the estate and we’re looking forward to having a mutually successful relationship with them going forward.”

Jason Peckmore, Real Estate Regional Manager, EMEA, from Shell said:“We are proud of our stewardship of Carrington. We are pleased that Langtree, a company with a track record in developing and managing sites of this nature, will now regenerate Carrington in a waythat will be beneficial to the local area.”

Jones Lang LaSalle advised Shell on the transaction, John Lafferty, director, planning and development, said:“Following an extremely competitive bidding process, one of the most significant development land transactions in the north west region has been concluded.

“The site has the potential to provide the opportunity to address long-term demand for both residential and employment-space across the Manchester city region.”

Langtree was advised by WHR Consulting on the acquisition.

This was posted in Bdaily's Members' News section by Simon Malia .