THE fortunes of a Warrington-based commercial property group are on the up and up.

Langtree, which posted a profit of £300,00 profit in its first year following a buyout, has posted a six fold increase in its second year with a profit £2.1 million.

And prospects are looking good with figures showing the net asset value increased by 250 per cent.  The growth for Langtree follows successful developments including the Techspace project at Sci-Tech Daresbury as well as an increase in the number of properties under management for both pension and investment funds.

The company also has joint ventures with councils in Oldham, St Helens, Warrington and Halton.

It also helps manage and develop Sci-Tech Daresbury including the Science and Technology Facilities Council.

Langtree chairman Tim Johnston said: “We set out to demonstrate to the market that we could quickly mature into an established and well-run operation and our latest figures demonstrate that we have achieved that ambition.

“By focusing on our joint ventures we have been able to deliver new products whilst building an extremely robust pipeline of development opportunities.”

Langtree which employs 35 staff, has seen a phenomenal growth in assets, under Mr Johnston’s watch.

He explains: “We are now managing more than 2.3m sq ft of assets, worth more than £200 million and looking after the interests of more than 450 tenants.   “It’s a tremendous credit to all the team that they’ve accommodated this growth so successfully.”

Group MD John Downes said he is proud of the team.

He added: “The property market is in good shape but there are always headwinds and our approach remains a conservative one.   “The partnerships and joint ventures that we have in place give us tremendous stability and a base from which we can plan our growth.  “We remain open to new joint ventures with local authorities but will be very selective about those opportunities we pursue.”

Mr Downes added: “Performance at this level requires a great team and I’m very proud to be part of a group of skilled and dedicated property professionals such as we have at Langtree.”