Bruntwood chief executive Chris Oglesby has pledged to “disrupt” the property market through “innovation of our customer proposition” as the group reported a 14% increase in net assets to £539m in its full-year results.
Accounts for the year ending September 2017 showed that the regional property group achieved a 5% increase (£54.2m) in property valuations to £1.1bn.
The developer reported a 5% increase in pretax profits to £71.6m. Turnover rose by 11% to £131.5m.
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.
‘Restless’
“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.”
The group owns more than 100 buildings across Manchester and Cheshire, Birmingham, Leeds and Liverpool.
During the year, the group invested £17m in office refurbishments and capital improvements and £93.2m in development schemes, which include Alderley Park in Cheshire and Circle Square in Manchester, its £750m joint venture with Select Property Group.
Some 890,000 sq ft of leasing transactions were achieved. The year also saw the completion of a number of regional projects, including Neo in Manchester, Cornerblock in Birmingham’s central business district, and Platform in Leeds, which is located above the city’s railway station.
Bruntwood also completed the 70,000 sq ft Bright Building at Manchester Science Park for its subsidiary Manchester Science Partnerships.
Launched alongside the Bright Building in September 2017 was Mi-IDEA (Manchester Inspired Innovation Digital Enterprise Alliance), a post-accelerator programme and co-innovation ecosystem delivered by MSP and Cisco, supporting SMEs working in digital health, the Internet of Things and Smart Cities.
Tech hubs
In Manchester and Leeds the group won government funding to launch tech hubs, which will support start-ups in the digital economy.
Bruntwood is a member of the Northern Powerhouse Partnership, a group of Northern civic and business leaders, and a supporter of the Midlands Engine strategy.
Oglesby said: “I was pleased to see the chancellor reinforcing the importance of the Northern Powerhouse and Midlands Engine in the autumn Budget. The economic rationale that underpins the concepts is undeniable.
He added: “Our business will continue to work with government to ensure that Bruntwood’s strategy for our cities, and particularly the focus on their science and technology sectors, contributes fully to the country’s industrial strategy and life science strategy published in December 2017.”
Some £4.8m was donated to local charities and community initiatives over the year – an increase of £1.3m on the 2016 total.
To send feedback, e-mail Louisa.Clarence-Smith@egi.co.uk or tweet @LouisaClarence or @estatesgazette
