Langtree buys out HCA stake in coalfield business parks
THE Langtree Group has taken control of 22 business parks based at former coalfield sites across the Midlands and the North.
The Newton-le-Willows-based developer has bought out the Homes & Communities Agency’s (HCA) 49% stake in Network Space. The value of the deal was not disclosed.
In the West Midlands the business operates Keys Business Village in Hednesford. It also has a number of centres in the East Midlands.
The business was established by the government’s Coalfields Task Force in 1999 and now has more than 750,000 sq ft under management. Langtree was the development partner in the enterprise holding 51%.
Langtree’s chief executive John Downes said: “Our original intention was to develop half a million square feet of space but the concept and the product have proven so popular that we’ve exceeded that by some margin.
“It was always the stated intention that we’d take full control once our development objectives had been met. The product will not change as it is popular and provides the right type of quality accommodation and lease arrangements for SMEs in the current market.”
Neil Mortimer, team leader, land and regeneration for the HCA said: “We are proud of the role Network Space has played in supporting our wider work with local partners to help regenerate former coalfield communities. Helping to restore jobs and promote business was always a priority for these areas and the vehicle has been successful in providing quality workspace.”
Nearly 2,000 staff work in more than 300 businesses across the portfolio.
