Regeneration partnership Warrington & Co has appointed Langtree , the commercial property management, investment and development company formed in a management buy-out led by John Downes, to manage a flagship £8.5m business incubator.
The appointment, which comes just weeks after the completion of the MBO, will see the business take responsibility for the Advanced Manufacturing and Engineering Incubator Centre (EIC) Warrington.
It is a key milestone in the development of the new centre and represents Langtree’s first major deal since the business was formed.
The facility, which has an excellent BREEAM rating, is a five-storey 50,000 sq ft development which will eventually be home to up to 100 high tech businesses, employing up to 400 people.
Warrington & Co, Warrington’s partnership for growth which is project managing the development, appointed Langtree following a competitive tender.
The EIC, which will take its first new tenants in September, is the first development on the site of Warrington Borough Council’s ambitious Stadium Quarter project.
A second project, the £10 million University Technical College Warrington, is due to start on site later in the year. The two schemes are designed to be complementary and will be next to one other on Dallam Lane in the centre of the town.
The EIC will provide a contemporary, high-quality workplace specifically aimed at providing prestigious, accessible accommodation for start-up businesses.
When completed, the building will feature exhibition space and meeting/conference rooms on the ground floor and offices and research and development facilities on the upper floors. Its contemporary look will be enhanced and accentuated by high quality stone and glass elevations and feature a double-height glazed entrance lobby.
Funding has come from a £1.7 million European Regional Development Fund grant and £6.7 million investment from Warrington Borough Council’s capital programme.
The Stadium Quarter project was announced by Warrington Borough Council in March 2013. The scheme will connect the bus interchange with the Warrington Wolves’ Halliwell Jones Stadium and create a new, vibrant mixed-use development comprising educational, business, leisure and housing uses.
A phased programme of development over the next decade will create up to 1,000 construction jobs and nearly 4,000 new permanent jobs when fully completed in 2024.
Steve Park, Managing Director of Warrington & Co, said: “The Incubator is a strategically important development for Warrington and one that reflects the current robust health of the local economy. It also demonstrates Warrington Borough Council’s confidence in and support for its start-up businesses.
“It gives us great confidence having on board a company with the experience and expertise of Langtree.
John Downes, Managing Director of Langtree, said: “The EIC represents an exciting focal point for the Stadium Quarter masterplan and will help support the development of a new generation of advanced engineering and manufacturing companies in the North West.
“It is also an opportunity to create high value job opportunities, particularly for future graduates from the planned University Technical College. We are delighted to have secured such a key management contract for our new business and look forward to working with our partners in Warrington as we build the reputation of the EIC.”