Langtree takes control of coalfield business parks
THE Langtree Group has taken control of 22 business parks based at former coalfield sites across the North and the Midlands.
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 Yorkshire the business operates – Allerton Bywater Networkcentre in Castleford; Century Park in Rotherham; Green Lane in Pontefract; Kirk Sandall in Doncaster; Sherburn, Sherburn in Elmet; Vector 31, Rotherham; West Moor Park, Doncaster; and Zenith Park in Barnsley.
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’s 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.
Almost 2,000 staff work in more than 300 businesses across the portfolio.
