The North West division of commercial property developer Langtree Group has achieved record growth, contributing to overall Group profits of £13.8m, up 48% on the previous year.
The latest annual results for the Group, year ending 30th June 2005, also show an increase in net asset value from £69m to £91m.
The Group’s nationwide property portfolio is now worth £141m.
The North West division has made major investment in the business sector space in the regional centres of Manchester and Liverpool, and also St Helens, Warrington and Wigan.
North West regional director Martin Mellor believes the investment of the regional operation has played a major role in the company’s success.
“Langtree Group is now recognised as a major player in the national market, with the continued success of the North West division providing a major boost to the Group as a whole,” he said.
“As a company we continue to improve the quality and diversity of our portfolio, and our growing development activity now spans many sectors.”
North West’s portfolio includes construction of the 100,000 sq ft Forty Springardens office development in Manchester.
They are also in a joint venture, Langtree McLean Ltd, to remediate the 100-acre derelict former Liverpool International Garden Festival site, in advance of a major residential development.
Langtree Group also completed a 20,000 sq ft serviced hi-tech business centre at Centrix House, Newton-le-Willows which acts as its corporate headquarters and North West regional office.
References: EGi News 08/03/06
