Profits rise at commercial property firm
Commercial property company Langtree, which has nearly 300,000 sq ft of space in Yorkshire, has announced a £2.1m annual profit in its second full year of operation since a buyout led by group managing director John Downes.
The company declared a £300,000 profit in its first year. Net asset value has increased 250% since the 2015 deal and the company’s head count now stands at 35 staff. The growth follows successful projects such as the refurbishment of Orbital Industry Park in South Leeds and the increase in the number of properties under management for pension and investment funds.
Chairman Tim Johnston said: “We set out to demonstrate to the market that we could quickly mature into an established and well-run operation and our latest figures demonstrate that we have achieved that ambition.
“By focusing on our joint ventures we have been able to deliver new products whilst building an extremely robust pipeline of development opportunities.”
Johnston went on to identify the growth in assets under management as another feature of the broad-based performance of the business. He added: “We’re now managing more than 2.3m sq ft of assets, worth more than £200m and looking after the interests of more than 450 tenants. Our Yorkshire assets continue to play a critical part in our success.”
Langtree’s asset base extends across Yorkshire, the North West and Midlands handles a rent roll of more than £15m a year. The company has joint ventures with councils in Oldham, St Helens, Warrington and Halton.
The company grew its partnership with fund manager PGIM Real Estate, for whom it now manages 22 industrial estates.
Group managing director John Downes said: “The property market is in good shape but there are always headwinds and our approach remains a conservative one. The partnerships and joint ventures that we have in place give us tremendous stability and a base from which we can plan our growth. We remain open to new joint ventures with local authorities but will be very selective about those opportunities we pursue.
“Performance at this level requires a great team and I’m very proud to be part of a group of skilled and dedicated property professionals such as we have at Langtree.”
