Warrington-based commercial property company Langtree has reported ‘a very positive year’, despite political and economic turbulence.
In its annual report for the year 2022/23, chairman Tim Johnston points to an increase in profit pre-valuation movements of 73%, to £1.3m (£750,000, 21/22) and an increase in estimated rental value of £2m, to £30m for assets owned or under management, but says he is not expecting stability to return to the markets before the General Election.
Other key metrics for the company, which specialises in joint ventures and partnerships with local authorities as well as providing asset management services to institutional landlords, include:
Mr Johnston said: “Given the headwinds out there, this is a very strong set of results.
“If you take valuations, for example, the industry has seen a general reported downturn of 15%, but Langtree has experienced only a modest three per cent decrease in values overall. That’s testament to the quality of our portfolio and partnerships, as well as past sound judgement.”
Mr Johnston also reported that the company continues to bring forward developments across its joint ventures and asset base, despite current market conditions. Projects coming forward include:
Group chief executive, John Downes, said: “It’s been a busy and challenging year, but one we anticipated.
“There are many things that contribute to allowing a business like ours to continue forward, chief among them being the quality of our team, and the commitment of our partners and clients. My thanks go to all for their dedication and support.”
Mr Downes points to the confirmation that Sci-Tech Daresbury was announced as one of the Government’s new Investment Zones as helping aid its continued development.
“Part of our goal is regeneration and job creation, and Sci-Tech Daresbury continues to deliver on both fronts. It is an excellent partnership between Langtree, UKRI and Halton Council which has, so far, created more than 1,000 new jobs. The campus continues to go from strength to strength, giving us every encouragement to start the next phase of development in the spring which, when completed, will mean that almost 200,000 sq ft of new space will have been delivered. Design development for the next phase thereafter is already under way.”
The company announced that it was also continuing to progress its charitable support as part of its wider ESG programme, with Wire Regeneration appointing Warrington Youth Zone as its chosen charity for the next three years and Sci-Tech Daresbury appointing the Children’s Adventure Farm Trust as its new charity partner following the success of its four-year partnership with Stick ‘n’ Step which comes to a close this year.
Tim Johnston added: “I feel that we are well placed to have another positive year with a sound business plan and solid finances.”
Langtree has a number of joint ventures with the public sector, with the aim of delivering regeneration and job creation. These are:
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