Langtree acquires HCA's 49% stake in its Network Space joint venture
Langtree has announced it has acquired the Homes & Communities Agencys (HCA) 49 per cent share in its long-standing Network Space joint venture.
The business was established by the government’s Coalfields Task Force in 1999 and now has more than three quarters of a million square feet of high quality industrial and commercial space under management.
“It’s been a big success,” said Langtree Group chief executive John Downes. “Our original intention was to develop half a million square feet of space but the concept and the product have proven so popular that we’ve exceeded that by some margin.
“It was always the stated intention that we’d take full control once our development objectives had been met. The product will not change as it’s popular and provides the right type of quality accommodation and lease arrangements for SMEs in the current market,” added Mr Downes.
Commenting on behalf of the HCA, Neil Mortimer, team leader, land & regeneration said: We are proud of the role Network Space has played in supporting our wider work with local partners to help regenerate former coalfield communities. Helping to restore jobs and promote business was always a priority for these areas and the vehicle has been successful in providing quality workspace.
Network Space owns 22 SME workspace estates and two business centres across the former coalfields of the north east, north west, Yorkshire and the midlands. Almost 2,000 staff work in more than 300 businesses across the portfolio.
The business is managed by Langtree Group staff from its offices in Doncaster and Merseyside.