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Other press releases
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Network Space Houses New Tenants
Network Space has announced six deals totalling over 16,300 sq ft at Sherwood Networkcentre
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Chalon Way Fully Occupied
Langtree has announced three new deals at its Chalon Way development in St Helens, taking the site to 100% occupied
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PxP West Midlands' Shropshire Lettings
PxP West Midlands has announced a further three lettings at its Radford�s Field Industrial Estate in Oswestry, Shropshire
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A Further Deal At i2 Mansfield
Network Space has announced another deal at its prestigious i2 scheme on Oakham Business Park in Mansfield.
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Lumina Hits The Spot
Langtree has announced a further two deals at its Lumina Business Park on Wirral International Business Park in Bromborough, Wirral.
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New Man For Onsite North East
Onsite North East, the regeneration partnership between regional development agency One North East and property investor and developer Langtree, has appointed a new estates manager, Richard Scott.
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Langtree sets cautious growth path in �testing� economy
Property company, Newton-le-Willows based Langtree, has set out a path for cautious growth as economic uncertainties continue to dampen demand and depress rental values for commercial property in the UK.
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Langtree welcomes another tenant to Mere Grange
Langtree has announced a further deal for its prestigious self-contained offices at Mere Grange in St Helens.
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Restoration of Liverpool�s Festival Gardens about to begin!
The �3.7m restoration of Liverpool�s International Garden Festival site is finally set to begin almost 26 years after the event first opened to the public.
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Century Park Networkcentre on a roll
In the current property market downturn Century Park Networkcentre based in Rotherham is experiencing an influx of new tenants with six deals recently completing and more in the pipeline.
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Centrix continues to thrive
Langtree has recently seen a purple patch of deals at its prestigious serviced offices at centrix@newton in Newton-le-Willows, announcing six new lettings.
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Vector 31 Phase 2 has a full house
Langtree has signed up another two occupiers for over 31,500 sq ft of industrial/warehouse space at the second phase of its Vector 31 in Rotherham.
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Langtree announces latest deal at Alchemy
A Merseyside food distribution company has taken two new industrial units totalling over 21,000 sq ft in Knowsley following further expansion.
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i2 Mansfield is looking healthy
A Mansfield-based company who are the leading independent supplier of radiology information solutions in the UK has moved to new offices in i2 Mansfield, on Oakham Business Park.
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Planning granted for �35 million Hodge Hill site
Regeneration partnership PxP West Midlands has received planning permission for the first phase of a �35 million development in Hodge Hill, with the potential to create up to 500 new jobs in the area.
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Century Park Networkcentre opens its doors to Gerco
A South Yorkshire-based company has relocated its regional offices to the second phase of Century Park Networkcentre in Rotherham.
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Mere Grange open for business
Mere Grange, the stunning business park development by Langtree, recently opened its doors for business as prospective tenants were invited to join current tenants, Lloyds Business Communications and Miller Construction, to view the site as a potential base for their operations.
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�25 million North East development opportunities go Onsite
A �25m regeneration partnership between Regional Development Agency One North East and property investor and developer Langtree has been officially launched today and named Onsite North East.
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Network Space houses new tenants
Network Space has announced a further two lettings at Sherwood Networkcentre, its workspace and office development in Ollerton.
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Planning granted for �42 million Black Country scheme
Regeneration partnership PxP West Midlands has received outline planning permission for the �42 million Brindley Village II scheme in North Smethwick.
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Double deal in Oswestry
PxP West Midlands has announced a further two lettings at its Radford�s Field Industrial Estate in Oswestry, Shropshire.
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North Notts College grows in Worksop
North Nottinghamshire College has leased additional space at Network Space�s Shireoaks Networkcentre in Worksop, Nottinghamshire.
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The City Works for Hatov
Continuing the success of its The City Works site in Openshaw, Langtree has announced another occupier taking the occupancy to 93 per cent.
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Connecting with Liverpool City Centre
Langtree has announced a further two deals for its prestigious self-contained offices at Connect Business Village in North Liverpool.
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West Moor Park see tenant expand
Network Space�s West Moor Park Networkcentre in Doncaster has seen one of its tenants grow within the site.
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Mansfield Networkcentre provides Shelter
A Nottinghamshire-based bus shelter maintenance company has leased new space in Mansfield.
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High Carr Business Park announces its latest letting
A national flooring company has leased new space in Newcastle-under-Lyme following further business expansion.
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New occupier for Langtree's Mere Grange
Langtree has signed up Lloyds Business Communications Limited for nearly 3,500 sq ft of office space at Mere Grange in St Helens.
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Premier letting at 40 Springardens
Langtree has secured a new tenant at its Grade A office scheme, 40 Springardens in Manchester city centre.
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Mere Grange secures first letting
Following a recent high profile launch Langtree has secured the first letting for its prestigious new business park in St Helens, Mere Grange.
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International vacuum company takes Moira base
International vacuum pump company Oerlikon Leybold Vacuums has expanded its UK arm and opened a second base...
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Biker business beats credit crunch
Jarrow-based motorcycle parts and repairs business, Bill�s Motorcycles has bucked the current economic trend and experienced steady growth over the last year...
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Sheffield security company finds ideal growing space
The Sheffield arm of a national security system repair company which services the UK�s leading retail giants is expanding into larger premises...
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Paper import company selects Sherwood for first UK base
East Midlands entrepreneur Mark Carter is defying the economic climate by setting up a new paper product import business at Sherwood Networkcentre in Ollerton.
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Planning permission granted for Crown Point East Retail Park in Denton, Greater Manchester
Planning permission granted for Crown Point East Retail Park in Denton, Greater Manchester
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Company named to lead business development portfolio
Company named to lead business development portfolio
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St Helens Rugby Stadium is granted planning permission
St Helens Rugby Stadium is granted planning permission
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Public inquiry finds in favour of �250m scheme
Public inquiry finds in favour of �250m scheme
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Langtree �Connects� with Liverpool
Langtree �Connects� with Liverpool
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Langtree launches further phase in Wolverhampton
Langtree launches further phase in Wolverhampton
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Langtree launch further phase of speculative development in Rotherham
Langtree launch further phase of speculative development in Rotherham
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Press Releases
Langtree sets cautious growth path in �testing� economy
Date: 2nd March 2010
Property company, Newton-le-Willows based Langtree, has set out a path for cautious growth as economic uncertainties continue to dampen demand and depress rental values for commercial property in the UK.
Writing in the annual director's report and annual statements for the year ending 30 June 2009, which have just been submitted to Companies House, chairman William Ainscough revealed the company made a pre-tax loss of £1.3m.
This loss is explained by a small number of ‘significant one-off movements' principally involving three Langtree projects. Without this adjustment the report states that ‘underlying operational activity' would deliver a pre-tax profit of £1.1m for the same period.
This activity is centred on Langtree's strong investment portfolio of commercial property which is geographically spread and totals some 4 million sq ft. With approximately 1000 tenants from diverse business sectors, the portfolio delivers a rent roll of £19m per annum.
The Company has taken the opportunity to add to its portfolio where possible with acquisitions including a 430,000 sq ft industrial portfolio in Yorkshire and the North West.
On the development side, the Company's activity has been ‘significantly curtailed' but nonetheless, it continues to progress schemes up to the point of delivery in readiness for approved trading conditions. Regardless, Langtree does hope to deliver two major schemes this year: Festival Gardens in Liverpool and the St Helens RLFC / Tesco development in St Helens.
Its three strategic joint venture partnerships: Network Space (with the Homes and Communities Agency), PxP West Midlands (with Advantage West Midlands) and Onsite North East (with One North East), where Langtree manages 1.5 million sq ft of property and 65 development sites, remain a focus for future business activity.
The report also outlines how the Company's core economic foundations place it in a strong position to continue a growth trajectory underpinned by a ‘solid' loan to value ratio of 45 per cent. This is maintained against a background of a 15 per cent reduction in the overall value of its portfolio and the value of the Company's net assets being reduced by 34 per cent from £120m to £78m.
The renegotiation of the Company's senior debt facilities with Lloyds Banking Group, coupled with its favourable loan to value ratio, diverse portfolio and healthy rent roll ensures that Langtree is optimistic but realistic looking forward.
Langtree's Managing Director John Downes said: "We continue to operate in challenging times within the commercial property industry but we do so from a wide and solid platform from which the Company can thrive over the coming years.
"In a market which makes development activity more challenging, we will concentrate on managing our existing portfolio and where possible, adding to it via acquisition."
Chairman Bill Ainscough said: "Overall our approach going forward will remain a cautious one. We are in a sound financial position and we will continue to focus on growing our property portfolio where opportunities arise and furthering our development positions in line with the market to create value in future years. Also we will continue to look to secure new opportunities where they will fit well into the business and where we can add value."