Langtree Property Partners announces maiden results
The property development and management business, led by chief executive John Downes and finance director Malcolm Jackson, has posted a turnover of £1m and pre-tax profit of £317,000.
Langtree Property Partners, began trading in June 2015, and was formed following the acquisition of four joint venture public sector development partnerships from Bill Ainscough’s Langtree Group, now Network Space.
In a statement accompanying its financial results for the year to 31 March 2016, Langtree said it had focused on ensuring a smooth transition for the four JV projects; Sci-Tech Daresbury, Parkside Regeneration in St Helens, Wire Regeneration in Warrington, and Hollinwood in Oldham.
The company reported 1.9m sq ft of assets under management valued at £130m, delivering a rent roll of £12m from 450 tenants.
At Sci-Tech Daresbury, this year Langtree completed the development of 50,000 sq ft of offices and labs, part of a £24m investment in the site.
Langtree has grown to 34 staff in its Warrington office. Four new members were added to the board following the buyout; Jayne Furnival, property director, Malcolm Jackson, finance director, Neal Biddle, development director and Adrian Clery of Colliers International in London, a non-executive director.
John Downes, group managing director, said: “It’s been a busy and enjoyable year. We bedded in our systems quickly and hit the ground running, which is a great credit the team. 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 investment management arm of Prudential]. The year ahead is already looking very encouraging.”
Downes continued: “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. 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.”