Langtree picks up two business parks
LANGTREE Group has acquired two business parks in south Liverpool from Space Northwest, a joint venture between the Homes and Communities Agency and landlord Ashtenne.
Langtree Commercial Property, the investment arm of the Newton-le-Willows developer, has bought Speke Hall Industrial Estate and Skypark International, both close to Liverpool John Lennon Airport.
The properties total 370,000 sq ft of industrial space across 87 units of between 500 and 30,000 sq ft.
The firm’s portfolio already includes Venture Point West, also in Speke, as well as Wellington Employment Park and Connect Business Village in North Liverpool.
It also has regeneration projects in the city including the Festival Gardens in Otterspool, Kingston House on the Strand and Duke Street in the city centre.
In recently-filed accounts chairman Bill Ainscough said he was keen to capitalise on depressed values by making more acquisitions.
Langtree, which owns and manages 4 million sq ft and employs 60 staff, recorded revenues of £37.2m, down 29% from £52.5m. But lower operating costs left the business with a higher pre-tax profit, up 46% from £8.8m to £12.9m. Net assets rose 3.2% to £76.4m.
Richard Ainscough, managing director of Langtree Commercial Property, said: “These are quite different to our single let acquisitions last year, thus demonstrating our diversity in seeking value and opportunity in the industrial sector.
“In particular, these assets represent a tremendous opportunity as we now plan an extensive refurbishment programme which, coupled with our close management style, will bring quality, well managed small to medium industrial stock to a great location.”
B8 Real Estate acted for Langtree on the acquisition and has been retained to market the vacant space. The value of the deal was not disclosed.