Commercial property venture Langtree – which operates the Sci-Tech Daresbury complex in Liverpool city region – reports pre-tax losses of more than £2.2m amid fall in asset values. Tony McDonough reports
Property venture Langtree says there is “cause for investment optimism” despite falling property values leading to annual pre-tax losses of more than £2.2m.
Warrington-based Langtree, operator of the Sci-Tech Daresbury complex in Liverpool city region, has posted its accounts for the 12 months to March 31, 2024, on Companies House.
Its pre-tax losses compare to a £251,000 pre-tax profit in the previous year. However, when the fall in property values is excluded Langtree achieved a pre-tax profit at a trading level of £549,000. The £1.2m in the previous year was boosted by a one-off asset sale.
Langtree says the value of its joint venture assets, including Daresbury, fell by £2.8m. This represents a 10% fall which the company points out is lower than than 20% being experienced by the wider market.
Total net assets fell from £16.8m to £14.6m. Total dividends for the year were £163,672. The majority shareholder at Langtree is John Downes.
There are around 140 sites in Langree’s property portfolio. These comprise more than 600 units across the North West, Midlands and Yorkshire totaling 3m sq ft .
It has two major Liverpool city region developments in its pipeline. The transformation of the former Parkside Colliery in Newton-le-Willows into a 2.4m sq ft logistics complex and the 83,000 sq ft Violet phase 2 at Sci-Tech Daresbury.
In March 2024 St Helens Council approved a ‘reserved matters’ planning application for 800,000 sq ft of logistics and industrial space in phase 1 of Parkside, a joint venture with St Helens Council, costing around £80m.
In August 2024 Parkside Regeneration submitted a planning application for the 1.6m sq ft phase 2 of the scheme. Parkside is seeking outline consent for up to three buildings to give it the flexibility to meet the needs of bespoke end-users.
Langtree also aims to start work on Violet phase 2 at Daresbury in 2025. Costing £24m, Violet phase two will offer two new three-storey buildings, known as V4 and V5. Halton Council has already given consent to the project.
This follows on from the successful delivery of Violet phase one, which offers 43,000 sq ft of commercial space across three buildings – V1, V2 and V3. Phase 2 will deliver 23,000 sq ft of grade A office space in V4 and 60,000 sq ft of laboratory space in V5.
In the annual report Langree chairman Tim Johnston said: “Following the General Election in July 2024 we can hopefully look forward to a period of political and economic stability giving some cause for investment optimism.”
On Violet phase 2, he added: “We are currently working with our partners (Halton Council and the Science and Technology Facilities Council) to finalise details of the scheme and bring forward the development as quickly as possible.”
Langtree told LBN this week it was currently in the “pre-construction phase” for Violet phase 2 and was working up detailed designs which is expected to take around six months. It aims to start work by the end of 2025.