Parkside regeneration partner announces strong annual results

Tim Johnston, Langtree chairman
Tim Johnston, Langtree chairman
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St Helens Council’s partner on the proposed regeneration of Parkside Colliery, Langtree, has published another strong set of annual results.

Langtree has announced a nine per cent increase in like-for-like annual profit as activity across its many local authority joint ventures enters a ‘step-change'.’

Profits grew from £887,000 in 2016/17 to £965,000 in the year to March 31, 2018, excluding one-off profit in the previous year.

Net asset value increased 29 per cent to £3.6m with total assets under management increasing five per cent to £210m. The company’s head count now stands at 37.

“This is only our third year of trading, but the company has a very mature feel to it,” said chairman Tim Johnston.

“Our primary focus remains on developing the joint venture (JV) assets we own with our local authority partners and this year has seen a step-change in activity across all fronts. We have an extremely robust pipeline going forward, are well-funded and have a very strong and focused team. We are very optimistic about the future.”

The growth follows a successful run of lettings at Sci-Tech Daresbury, the company’s JV with Halton Borough Council and the Science and Technology Facilities Council. Based on this success, consent has now been secured for three new buildings totalling more than 50,000 sq ft and work will start on site in 2019.

Significant progress has also been made on the company’s Parkside Regeneration JV with St Helens Council, with a planning application submitted earlier this year for a first phase development of manufacturing and logistics space totalling almost 1m sq ft.

“The new Parkside Link Road connecting the site directly to the M6 motorway has now secured £24m of funding from the Combined Authority, which is a major boost,” said Mr Johnston. “Given this we have already begun work on the Phase 2 planning application, hopefully to be submitted in Q2 2019.”