Carrington sale clears final hurdle
Langtree has completed the acquisition of the 1,600-acre Carrington Estate and Carrington Business Park in Trafford from Shell.
The Newton-le-Willows-based developer controlled by Bill Ainscough was selected in September as preferred developer for the housing and commercial development opportunity, paying in excess of £20m to beat Peel and St Modwen to the site.
John Downes, chief executive of Langtree, 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 of 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 way that will be beneficial to the local area."
Jones Lang LaSalle advised Shell on the sale. 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 Property Consultants.
