COMMERCIAL property firm Bruntwood has announced that the value of its portfolio of offices increased by 4% to £948m in the year to September 2010, while its net worth was up 3.2% to £310m.
The company, which owns Cornwall Buildings, Mclaren and Kennedy Tower in Birmingham city centre, also announced a 3% increase in turnover to £100.2m, although its net profit fell slightly to £11.1m.
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, Birmingham, Leeds and Liverpool, where we have attracted significant new occupiers.
“I am proud of the way that the team at Bruntwood have once again responded in delivering another very good set of results.”
Mr Oglesby added: “Although the market appears to be awash with bargains at the moment, on closer scrutiny, there is very little stock offering value of any quality.
“Despite this, we were able to dig out three high quality buildings which we believe offer exceptional value across the cycle.
“We are pleased to be acquiring properties again and are keen to extend our customer focused business model across the major UK regional cities.
“We work hard to be seen as our customers’ property partner, rather than their landlord and focus all our efforts on creating the right environments for them to succeed.”
