Regional offices profitable for Bruntwood

Posted on by John Cronin

A family owned commercial property company with office schemes in the Midlands and the north has reported another profitable financial year.

Manchester-based Bruntwood has this morning published its latest financial results for the year ending September 2010 and again the commercial property specialists have seen profits in excess of £10m. The company primarily specialises in office space and serviced offices and tends to focus on regional cities such as Manchester, Liverpool, Birmingham and Leeds.

City House LeedsBruntwood has recorded an increase of 28% in new lettings across its portfolio of office accommodation. The total value of the company’s portfolio of offices was up 4% to £948m and its net increasing 3.2% to £310m. Turnover was up 3% to £100.2m while net profit fell slightly to £11.1m.

The company now manages a total of 101 properties affording over 6m sq ft of floor space and 1860 serviced office desks. The company returned to the market to purchase the 120,000 sq ft City House office block (pictured) in Leeds. Bruntwood now manage approximately 400,000 sq ft of floor space in the city with occupancy rates in excess of 90%.

The Manchester office market is the main area of activity for Bruntwood with the company reporting that it currently owns 20% of the available market, with managed floor space now exceeding 3m sq ft. Along with several Grade A office refurbishment schemes Bruntwood has had success with a speculative new-build scheme at 1 New York Street. The building is also Grade A rated and 68,000 sq ft of the floor space was let during the year. Office suites within the building range in size from 1,500 sq ft to 18,500 sq ft. Quoted rental prices are around £28 / sq ft.

Commenting on the results, Chief Executive, Chris Oglesby said: “Despite a tough market and stiff competition, we have delivered a very impressive increase in new lettings with a record year in Greater Manchester and continued success in our other three cities.”

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