Earlier this year the Warrington-based firm said it signed up a record 31 tenants at the Cheshire site, which is designated an Enterprise Zone, during 2016 – taking the total to 114. Tony McDonough reports
Growth at Sci-Tech Daresbury in Cheshire has helped profits at North West property firm Langtree soar to £2.1m from £300,000 last year.
Earlier this year the Warrington-based firm said it signed up a record 31 tenants at the site, which is designated an Enterprise Zone, during 2016 taking the total to 114.
This is the second set of financial results for Langtree which was subject to a management buyout in 2015 led by managing director John Downes.
Net asset value has increased 250% since that deal and the company’s head count now stands at 35 staff. As well as growth at Sci-Tech Daresbury here has also been an increase in the number of properties under management for pension and investment funds.
“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,” said chairman Tim Johnston.
“By focusing on our joint ventures we have been able to deliver new products whilst building an extremely robust pipeline of development opportunities.”
Mr 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. It’s a tremendous credit to all the team that they’ve accommodated this growth so successfully.”
Langtree’s asset base extends across the North West, Midlands and Yorkshire generating revenues of more than £15m a year.
The company has joint ventures with councils in Oldham, St Helens, Warrington and Halton, where its JV to develop and manage Sci-Tech Daresbury also includes the Science and Technology Facilities Council.