Tech sector delivers record results for Bruntwood
Property developer Bruntwood has delivered record results thanks to its focus on serving companies in the technology and science sectors.
Bruntwood, which owns more than 100 buildings across the North and Midlands which are home to more than 3,000 companies, saw profits in the year ending September 2018 leap 62 per cent to £116 million.
The company attributed the rise to the value it has added to properties in Birmingham, Leeds, Liverpool and Manchester.
It said its focus on innovation and support of key citywide strategic priorities was also key against a backdrop of huge technological disruption and upheaval in the wider UK economy.
“Brexit is, of course, a huge challenge for our economy, but by working with our civic and academic partners towards a common goal of creating the environments where businesses – particularly in globally-facing sectors such as science and technology – can prosper, we will play our part in meeting this challenge,” said CEO Chris Oglesby.
Bruntwood is giving members of the public the chance to name the newest building at the landmark Didsbury Technology Park development.
In one of the biggest strategic moves of its 42-year history, the firm launched Bruntwood SciTech in October 2018. A 50-50 joint venture with Legal and General, it is the UK's largest property platform dedicated to driving the growth of the science and technology sector in regional cities.
It aims to contribute to the Government’s Industrial Strategy by creating over 50,000 high value jobs over the next ten years, with the portfolio set to expand to over 6m sq ft with a valuation of over £2.5bn.
In April it launched a Tech Incubator at Platform in Leeds while in May the Manchester Tech Incubator, managed by Manchester Science Partnerships, was officially opened by Greater Manchester Mayor Andy Burnham.
Designed to support entrepreneurs and early phase data science and digital technology innovation companies, it was 90 per cent let within six months of launch and is now home to some of the North West’s most innovative and disruptive tech businesses including Ai Patient, Blockrocket and Wakelet.
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Bruntwood, together with the Oglesby Charitable Trust, also continued its long-standing commitment to making a difference to communities, donating £4.6m to local charities and initiatives spanning the environment, arts, medical research, education and tackling social inequalities.
“We are fully focused on our purpose of creating thriving cities and by continuing to invest in our customers, colleagues and communities, despite the macro-economic picture and the uncertainty Brexit will bring, we can be confident of further growth,” said Oglesby.
“Our regional cities are thriving and demand for our product and services remains strong, with a good pipeline of deal transactions and opportunities.”
Bruntwood’s assets under management increased from £1.09 billion in 2017 to £1.27bn.