Langtree increases its investment in Liverpool
Langtree’s property investment arm, Langtree Commercial Property, has added to its 2.2 million sq ft portfolio with the off market acquisition of Speke Hall Industrial Estate and Skypark International, both on Speke Hall Avenue, Liverpool, from vendor Space Northwest.
The properties total 370,000 sq ft of industrial space across 87 units of between 500 and 30,000 sq ft, and comprise the largest single owned industrial estate in Liverpool.
The two business parks become the latest additions to Langtree’s already extensive investment in Liverpool – it already owns and operates a property portfolio including Venture Point West, also in Speke, as well as Wellington Employment Park and Connect Business Village in North Liverpool.
In addition, it has major regeneration projects in the city including the Festival Gardens in Otterspool, Kingston House on the Strand, Duke Street in the city centre and is currently considering further investment in a number of new development opportunities.
Richard Ainscough, managing director of Langtree Commercial Property, says: “These are quite different to our single let acquisitions last year, thus demonstrating our diversity in seeking value and opportunity in the industrial sector.
In particular, these assets represent tremendous opportunity as we now plan an extensive refurbishment programme which, coupled with our close management style, will bring quality, well managed small to medium industrial stock to a great location.”
Both estates are located on the main approach to Liverpool John Lennon airport, with ready access to the city centre, as well as to the Runcorn Bridge and the M57, M62 and M56 motorways. They are secured by CCTV systems, perimeter fencing, electronically operated gates and 24hr security guards.
As a combined estate, it is the largest multi-let industrial estate under single ownership in the city of Liverpool. In the next few months, Langtree is set to begin an extensive refurbishment programme which will improve the quality, specification and overall presentation of the properties.
B8 Real Estate acted for Langtree on the acquisition and have been retained to market the vacant space.
Langtree Group chief executive John Downes says: “This shows our confidence in Liverpool, and our commitment to investing in the City Region. It’s a great place to do business, and we’re happy to be part of it.”
Overall, Langtree Group operates a diverse portfolio of over 4 million sq ft comprising office parks, industrial estates and trade parks across the north and midlands of England. The properties are managed and let from Langtree’s headquarters in Merseyside and its three other regional offices.