Bruntwood announces 2015 results
The commercial property company has filed its latest set of accounts for the financial year ending September 2015, in which it says it has increased net worth by 18% to £422m and total assets to £904m.
The group reported profits of £15.3m that represented an underlying increase of 16% excluding one-off exceptional items.
After the disposal of £183m worth of investment assets over the last 18 months, Bruntwood said that it had a comprehensive development pipeline underway and is currently on site with more than 400,000 sq ft of new schemes. Including further secured projects it is expected to deliver a gross development value of over £1bn.
In Manchester, Bruntwood is on site converting Bank House into flexible office space Neo, and with science subsidiary Manchester Science Partnerships, projects are progressing with the speculative 70,000 sq ft new build No. 1 MSP Central, and the repurposing of the 1.5m sq ft AstraZeneca Research HQ at Alderley Park in Cheshire.
At the former BBC site on Oxford Road, Bruntwood and Select Property Group are delivering a residential and commercial neighbourhood called Circle Square.
The business said that it has committed £25m to refurbishment and capital improvement projects across the remainder of its portfolio.
Chris Oglesby, chief executive at Bruntwood, said: “As we approach our 40 year anniversary, we have more development on the horizon than at any stage in our history and at the same time the outlook for our great regional cities looks stronger than ever over this period, both individually, and through the agglomeration benefits of the Northern Powerhouse and the Midlands Engine initiatives.
“Just as exciting as the macro picture, though, is the pace of change at a micro level in our markets and in our business’s response to this change.
“We are developing a much deeper sector focus throughout the business, learning from our experience in operating MSP and, in parallel, we are rapidly broadening the proposition of our property services division to meet the changing work practices of our customers such that turnover in this area is up, something that we expect to continue over the next few years.”
Bruntwood employs 550 people across the North.