Bruntwood reports 68% profit increase

The developer’s pre-tax profits increased to £75m in the year ending September 2022, from £45m the previous year.

Commenting on the figures, Chris Oglesby, chief executive of Bruntwood, said: “We have always looked beyond the short term to base our investments around the strategic trends we see reshaping our towns and cities.

“This approach, from the formation of Bruntwood SciTech in 2018 to the Pioneer programme of forward-thinking, flexible workspaces that we launched long-before the pandemic, is the foundation of this year’s strong financial performance.”

The value of the company’s combined property portfolio has increased to £2bn, from £1.8bn in 2021. 

Bruntwood’s net asset value rose by more than 10% to £671.5m. 

Chris Oglesby added: “We have aligned our products and proposition with the businesses and organisations driving the future of the UK economy in innovation-linked sectors like tech and digital, life sciences and their supporting ecosystems, all of which continue to show huge potential in many of our regional cities. 

 “As we now lean into the challenges presented by the end of another economic cycle, this will remain our focus.”

BRUNTWOOD SCITECH 

Bruntwood SciTech, a joint venture between Bruntwood and Legal and General, has reported a £96.9m increase in profits in the same year. 

The £72.5m figure includes Bruntwood’s share of the SciTech profits.

The JV’s projects include the full completion and letting of the first two phases of Circle Square, totalling 390,000 sq ft.   

Significant acquisitions and investments have contributed to the company’s overall growth. These include SciTech’s £20m investment into high specification biology and chemistry labs at Alderley Park.

BRUNTWOOD WORKS

Bruntwood Works, a subsidiary of Bruntwood, develops and manages work and retail spaces.

Projects include the £3m refurbishment of Liverpool’s The Plaza in the 2021-2022 fiscal year, and ongoing redevelopment of Manchester’s grade-two listed Pall Mall.

Bruntwood’s Works brand has seen 90% occupancy at its flexible workspaces across the year. 

The brand’s Pioneer buildings, which renovate old buildings and retrofit new workspaces, are now fully let. 

Bruntwood Works’s current pipeline incudes £93m The Alberton scheme, to an 18-storey, wellbeing-led workspace in Manchester.

Also, it’s Ev0 building is set to become the UK’s lowest carbon new build workspace. 

TOWN CENTRE REGENERATION

Bruntwood’s partnership with Trafford Council started work last year on the redevelopment of Altrincham’s former House of Fraser into Foundation – a mixed use scheme which will comprise 50,000 sq ft of workspace and 25,000 sq ft of retail and leisure space. 

Bruntwood also acquired Mill Gate Estate shopping centre for redevelopment last year, in another successful JV with Bury Council.