Langtree reports “a very positive year” despite political and …

WARRINGTON-based commercial property company Langtree has reported ‘a very positive year’, despite political and economic turbulence although it is not expecting stability to return to the markets before the general election.

In its annual report for the year 2022/23, Langtree[1] Chairman Tim Johnston points to an increase in profit pre-valuation movements of 73 per cent, to £1.3m (£750k, 21/22) and an increase in estimated rental value of £2m, to £30m for assets owned or under management.

Other key metrics for the company, which specialises in joint ventures and partnerships with local authorities as well as providing asset management services to institutional landlords, include:

•Almost 3m square feet of property under ownership or management•89 per cent average occupancy (92 per cent)•A modest increase in net asset value to £16.8m (£16.4m)•Development activity commencing or continuing on sites across the north west and midlands, with sites under ownership and management in Yorkshire and the south west.

“Given the headwinds out there, this is a very strong set of results,” said Mr Johnston.“If you take valuations, for example, the industry has seen a general reported downturn of 15 per cent, but Langtree has experienced only a modest 3 per cent decrease in values overall. That’s testament to the quality of our portfolio and partnerships, as well as past sound judgement.”Mr Johnston also reported that the company continues to bring forward developments across its joint ventures and asset base, despite current market conditions. Projects coming forward include:

•A planning application for a 1.6m square foot second phase of the giant Parkside logistics and advanced manufacturing development in St Helens – a key component of the new Liverpool Freeport.•A further phase of the campus at Sci-Tech Daresbury in Halton, with tenders out to build a speculative 40,000 square foot laboratory and 20,000 square foot office building.•Development of 190,000 square feet of industrial units at Hollinwood Junction in Oldham.•Refurbishment and redevelopment of the 80,000 square foot St James Business Centre in Warrington into the new Warrington Digital Hub.

“It’s been a busy and challenging year, but one we anticipated,” said group chief executive John Downes.“There are many things that contribute to allowing a business like ours to continue forward, chief among them being the quality of our team, and the commitment of our partners and clients. My thanks go to all for their dedication and support.”

Mr Downes points to the confirmation that Sci-Tech Daresbury was announced as one of the government’s new Investment Zones as helping aid its continued development.“Part of our goal is regeneration and job creation, and Sci-Tech Daresbury continues to deliver on both fronts. It is an excellent partnership between Langtree, UKRI and Halton Council which has so far created more than 1,000 new jobs. The campus continues to go from strength to strength, giving us every encouragement to start the next phase of development in the spring which, when completed, will mean that almost 200,000 square feet of new space will have been delivered. Design development for the next phase thereafter is already underway.”

The company announced that it was also continuing to progress its charitable support as part of its wider ESG programme, with Wire Regeneration appointing Warrington Youth Zone as its chosen charity for the next three years and Sci-Tech Daresbury appointing the Children’s Adventure Farm Trust as its new charity partner following the success of its 4-year partnership with Stick ‘n’ Step which comes to a close this year.Concluding his chairman’s statement, Mr Johnston noted: “I feel that we are well placed to have another positive year with a sound business plan and solid finances.”

Six56 public inquiry adjourned due to third-party challenge to Local Plan[2]

References

  1. ^ Langtree (www.langtreepp.co.uk)
  2. ^ Six56 public inquiry adjourned due to third-party challenge to Local Plan (www.warrington-worldwide.co.uk)

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