LANGTREE CASE STUDY
Wharf Industrial Estate
Langtree provides asset and property management services to the multi-let industrial estate, totalling 91,699 sq ft and 31 units.
Smart decisions have led to commercial gains
Since merging into Langtree’s joint venture with Warrington Borough Council in 2014, Wharf Industrial Estate has delivered a 30% increase in passing rent, a 43% uplift in ERV (Estimated Rental Value), and a 22% improvement in rental per sq ft through a programme of refurbishment and leasing strategies.
Langtree provides asset and property management services to the multi-let industrial estate, totalling 91,699 sq ft and 31 units.
Smart decisions have led to commercial gains. But it’s also the open and enduring nature of Langtree’s relationship with Warrington Borough Council that has enabled the property to thrive.
Overview
Assessing the assets
Langtree’s asset management service began with a thorough review of the site. At Wharf Industrial Estate, the Asset Management Team at Langtree worked with a professional team to assess the condition and performance of the estate.
While poorly presented, the units were structurally sound. It was 88% let with a passing rental of £321k per annum and an average rental value of £4.23 per sq ft.
The capital value was £2m, but it was clear that with targeted investment, the estate had the potential for significant financial growth.
OUR APPROACH
Improvement initiatives
In 2015, Langtree oversaw a £268,000 refurbishment programme, equating to £3.21 per sq ft, to reposition the estate and improve its market appeal.
The work focused on creating a consistent brand identity across all units, modernising void spaces, and improving the overall presentation and ongoing service charge provisions to enhance the quality and long-term sustainability of the site.
As part of the strategy, all properties were cleaned, decorated and clearly identified with new signage. Landscaping and external yard areas were upgraded, and service charge provisions were revised, ensuring the estate was maintained to a higher standard.
In turn, this attracted new tenants, securing a more stable rental income and reducing investment risk.
+30%
Increase in passing rent
+43%
Uplift in ERV
+22%
Improvement in rental per sq ft
“They’re very open and engaging… you can rapidly bust the issues that inevitably arise because there’s no chain of escalation to go through or massaging of messages. You can have a direct conversation with the finance director, the director of operations; the CEO.”
Steve Park
Director of Growth Warrington Borough CouncilResults
Realising the impact
By 2022, Wharf Industrial Estate had been fully repositioned, with a 21% increase in passing rent, reaching £451,000 per annum.
The estate’s ERV grew to £612,000, representing a 47% uplift since 2014. As lease renewals progress, passing rent is expected to reach £537,785 per annum by 2025.
Occupancy levels remained strong, with the estate averaging 95% occupancy over three years, reaching 100% in 2022.
“Langtree is pragmatic in its approach to asset and property management. Even outside of a joint venture, we treat properties as if they’re our own.
To us, that means senior level involvement, a hands-on approach and perpetually improving standards. It’s very rewarding to see results such as this at Wharf Industrial Estate.”
Jayne Furnival
Executive Director of Property LangtreeTurn your industrial asset into a
high-performing investment.
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