Warrington’s Langtree celebrates £1m maiden profit

Property development and management business Langtree has shed light on its multi-million pound rent roll and asset portfolio.

The Warrington-based firm, which was bought out of commercial property company Network Space Developments in 2015, pulled in more than £12m from 450 tenants in its first year, generating a maiden profit before deductions of over £1m.

Langtree, whose operations range from local authority joint ventures to asset management services for investment funds, said it now has assets under management worth £130m spanning 20.5 million sq ft.

John Downes, group managing director, said: “It’s been a busy and enjoyable year. I was delighted that we were able to welcome Tim Johnston as our chairman and his regeneration and public sector know-how has been key to our progress.

“We bedded in our systems quickly and hit the ground running, which is a great credit the team.”

He continued: “We have been able to continue with development activity in our joint ventures whilst bringing new management properties under our wing through our partnership with one of the world’s leading money managers and investment funds PGIM. The year ahead is already looking very encouraging.”

Langtree’s first year saw it complete a £24m investment into Sci-Tech Daresbury, a joint venture with Halton Borough Council and the Science and Technology Facilities Council.

The company also acquired various assets within the Southern Gateway scheme, its joint venture with Warrington Council.

Speaking further, John commented: “The market still remains in good shape and we aim to capitalise on this in the coming year by seeking to progress major projects such as Parkside Colliery with our partner St Helens Council.

“This is a 232-acre site with great potential but not without its challenges including, of course, genuine concerns from neighbours that we will address and mitigate.

He added: “There is a huge amount of work going on behind the scenes to ensure a robust planning submission which, if approved, would be a game-changer for the St Helens economy.”

Discussing the results, Langtreechairman Tim Johnston welcomed the appointment of new board members Jayne Furnival (group property director), Malcolm Jackson (group finance director), Neal Biddle (group development director) and Adrian Clery of real estate firm Colliers International (non-executive director) following the MBO.

He also thanked the company’s public sector partners for their support in the joint ventures, adding: “We are also very pleased to see our partnership with such a prestigious institution, PGIM Real Estate, grow further.

“Langtree began with an initial contract to manage 23 industrial estates on PGIM’s behalf and has already added a further nine sites to this management remit during the year.”