The Commercial property company behind Manchester One, City Labs and the Manchester Corridor, has seen its profits increase by 56% over the last twelve months.
Brentwood, which owns over one hundred properties across Manchester, Cheshire, Liverpool, Leeds and Birmingham, attributes its growth to both the performance of the business and of the English City Regions in which it operates.
Over the year, the company completed a number of major redevelopments including Manchester One, Centre City in Birmingham, Cotton Exchange in Liverpool and 100 Wellington Street in Leeds.
It also increased its majority stake in Manchester Science Partnerships and purchased the 400 acre, 1.7m sq ft world class Life Sciences site, Alderley Park in Cheshire as well as completing the development of Citylabs on the Corridor in Manchester.
Focussing on further growth Bruntwood took advantage of the growing investor interest in the regional cities through 3 property disposals, including selling Manchester’s City Tower for £135m, to release funds for what it describes as their largest ever development programme.
Chief Executive Chris Oglesby said: “2014 has been a standout year for Bruntwood. The fact that we continued to invest in our portfolio during the economic downturn has positioned us well to fulfil the uptake in demand that we’ve seen across all of our markets as the economy has recovered and the focus has shifted to the major City Regions as engines of growth.
We have always aligned our business with the strategic direction of the economies in which we operate. Political initiatives such as the Northern Powerhouse and further Regional Devolution are good for the future of our cities and therefore good for our business as well. It’s our opinion that with the strength of our occupational demand coupled with long term gilt rates at an all time low of 1.5%, we are likely to see significant further growth in commercial property values in our markets.
We therefore enter 2015 with confidence as we deliver a development pipeline of over 2 million sq ft including Alderley Park, 3 Sovereign Square and City House in Leeds, Cornerblock in Manchester, the new 70,000 sq ft Heart of the Park at MSP, Manchester Business School and 2 Cornwall Street in Birmingham as well as fulfilling our ambitious plans for Manchester Science Partnerships”.