Profits up as Bruntwood lines up development work

REGIONAL landlord Bruntwood said it has had its best year for lettings since the financial crash five years ago.

The firm, which owns a number of office schemes in Birmingham city centre including Cornwall Buildings in Newhall Street, the Mclaren building on Priory Queensway and Centre City in Hill Street, revealed pre-tax profits increased by 10% to £12.4m and turnover rose by 6% to £105m.

Net worth – the firm’s assets minus liabilities – fell slightly to £303m, down 5%. The group put this down to the subdued property market which also caused the total value of the group’s portfolio to dip 1.5% to £950m.

Chief executive Chris Oglesby said this year will be one of the firm’s busiest for new developments with four hotel schemes in three cities, an 80-bed care facility and the development of Manchester Business School amongst other projects.

Bruntwood will also begin the redevelopment of office buildings, including continuing work at Centre City in Birmingham.

Oglesby said: “The demand for our development expertise and our strong financial position is enabling us to grow the business in exciting new sectors.”

Last month Bruntwood secured a £120m loan with Legal & General and earlier this week bondholders approved an extension to £229m of the group’s £430m Commercial Mortgage Backed Securities (CMBS).

 

 

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