Network Space is established as Wain Investments
The first acquisition is the former Heinz factory in Standish, near Wigan. This would be re-developed in to a multi-let industrial estate (Bradley Hall Trading Estate) which remains in operation today.
Wain Investments becomes Langtree Property Company
The business continues to acquire, refurbish and sub-divide larger facilities in to multi-let industrial estates which are then retained as investments.
Major portfolio acquisition and speculative new development begins
Langtree begins speculative development of new industrial space with a 60,000 sq ft scheme. The acquisition of British Coal’s Commercial and Industrial portfolio was also completed, adding a further 480,000 sq ft and 650 acres of development land.
The name Network Space is born and the business ramps up development
Network Space is established as a joint venture between Langtree and English Partnerships with the objective of delivering small industrial workspace schemes totalling 500,000 sq ft across former coalfield regions, this would later increase to 750,000 sq ft due to the success of the JV. Alongside Network Space, Langtree begins large-scale speculative development and retention of new industrial property across the North and Midlands of England. In total 2.8 million sq ft of industrial property would be delivered in 40 locations between 1999 and 2008. As the business grows Langtree Property Company becomes Langtree Group.
Another major portfolio acquisition
The 1.8 million sq ft Invensys portfolio is acquired by Langtree, containing both investment property and land suitable for both commercial and residential development.
Portfolio value tops £100 million
Langtree Group’s investment property portfolio is valued at £106 million.
40 Springardens completes
A flagship development of pre-let Grade A office space totalling 100,000 sq ft in a prime Manchester City Centre location is completed.
New Stadium & Tesco Extra in St Helens
The first phase redevelopment of the former United Glass site in St Helens is completed. A new purpose built 18,000 capacity stadium for St Helens RLFC and 145,000 sq ft Tesco Extra.
Network Space acquisition completes and the group is restructured
The remaining shares of the Network Space JV are acquired by from the HCA (formerly English Partnerships). In order to take advantage of post-recession development and investment opportunities, the group is restructured in to two main operating businesses: Langtree Land & Property (Development) and Langtree Commercial Property (Investment and management).
Langtree Commercial Property becomes Network Space and refinances
After two years of significant investment market activity having focussed on modern industrial property across the North of England, the group’s investment and management company adopts the name Network Space.
Network Space is the new name for Langtree Group
After 24 years as Langtree, the group rebrands to Network Space. At the same it invests equity and debt in to a startup by former members of senior management called Langtree Property Partners, to which it sells the group's public sector JV interests. The remaining group, retaining the £150 million land and property portfolio, restructures and rebrands to Network Space.
Restructure pays off
Following the restructure and rebrand to Network Space, the group refocuses on the industrial property market - continued refinement of its retained investment portfolio and the commissioning of new developments. In the first financial year Network Space posts a record pre-tax profit of £19.2 million with the underlying NAV increasing by 21%.
Another record year
As the regional industrial market continues to strengthen, the group's post-recession investment strategy and sector focussed development strategy continue to bear fruit. For the financial year-ending 30th June 2017, the group post a record pre-tax profit of £27.8 million.
The next generation
At the age of 39, Group MD Richard Ainscough completes the purchase of family shareholdings in Network Space from his father and sisters. Project Vantage - Sale of 25 industrial properties totalling 1 million sq ft to InfraRed plus the forward sale of 2 new industrial developments totalling 200,000 sq ft.