Bruntwood business booming
REGIONAL property group Bruntwood has announced increased profits and turnover.
The group, which owns more than 100 buildings across Manchester, Cheshire and the north has reported a positive financial finish for the year to the end of September 2017.
Bruntwood invests long-term to create vibrant places that support the 3,000 companies that operate in its spaces and the group’s growth strategy continues to support knowledge-led sectors such as science and technology
Accounts for Bruntwood Group filed this week at Companies House show pre-tax profits in the period rose 5% to £71.6m, up from £69m, while turnover rose 11% to £131.5m.
Around £4.8m was donated to local charities and community initiatives, an increase of £1.3m on the 2016 total.
Bruntwood Group chief executive Chris Oglesby said: “The financial results are clear evidence of our customer-focussed business model creating value through development and asset management, which in turn has led to an increase in occupancy of our buildings.”
During the year the Group, which employs 650 people, invested £17m in office refurbishments and capital improvements and £93.2m in development schemes, including at Alderley Park in Cheshire and Circle Square, its £750m joint venture with Select Property Group.
A successful year of new business wins and increasing occupancy levels across all core markets saw 890,000 sq ft of leasing transactions.
Bruntwood also completed the 70,000 sq ft Bright Building at Manchester Science Park for its subsidiary Manchester Science Partnerships. In Manchester and Leeds the Group was also successful in winning government funding to launch new tech hubs, which will support start-ups in the digital economy
Reflecting the broadening nature of Alderley Park, Bruntwood’s international life sciences campus in Cheshire, 2017 saw the launch of two pioneering national initiatives, the Medicines Discovery Catapult (MDC) and the Anti-Microbial Resistance Centre (AMRC).
Since the year end a deal has been struck with Cancer Research UK for them to relocate its Manchester Institute to Alderley Park after a huge fire last April at the Institute’s long-standing home, the Paterson Building in Manchester.
Commenting on the dynamics of the market place Mr Oglesby said: “Our business is set against a backdrop of change and uncertainty in the wider world. We are witnessing unprecedented levels of disruption in many areas of life driven by rapid technological and digital developments. While the property sector is traditionally slow to change, Bruntwood has always sought to disrupt the market through innovation of our customer proposition.
“We continue to be restless, developing new models that continue to shape markets, meet the demands of the new growth sectors and the new patterns of living and working and are aligned to the strategies of our cities.”