Langtree acquires HCA interest in properties
PROPERTY company Langtree Group has acquired the Homes and Communities Agency's (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 750,000 square feet of high quality industrial and commercial space under management.
The deal includes three properties in Notts – Sherwood Network Centre in Ollerton, Shireoaks Network Centre in Worksop and i2 in Mansfield.
All 22 properties in the deal are in the former coalfields of the East and West Midlands, Yorkshire, Lancashire and the North East.
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Langtree Group chief executive John Downes, said: "It's been a big success.
"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 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."
Neil Mortimer, HCA team leader, land and 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.
"Almost 2,000 staff work in more than 300 businesses across the portfolio."