Bruntwood about to buy Centre City in Birmingham

THE chief executive of office accommodation specialist Bruntwood says the firm is about to buy the Centre City office block in central Birmingham.

It is expected to announce imminenty that it has purchased the 209,000 sq ft building in Hill Street.

Bruntwood owns and manages the McLaren building and the Cornwall Building in Birmingham city centre but chief executive Chris Oglesby said it wants to bolster its portfolio as McLaren is now almost full.

Centre City is similar to McLaren in that it is central without being in the city core and, at the time of purchase, in need of tender loving care.

Speaking about his firm’s performance, Oglesby said Bruntwood will emerge “stronger from the sustained period of economic turbulence” in the property market after generating flat sales and profits during 2011.

He said he had been “extremely encouraged” by his firm’s performance.

Pre-tax profits for the year to September 30 edged up by 1% to £11.2m, although turnover fell 1.2% to £99m. The firm’s overall net worth increased by 3% to £318m, and its fixed assets by 2% to £966m.

Oglesby said: “By rolling up our sleeves and making a concerted effort, we have landed a number of major deals in the second half of the year that have bolstered our 2011 figures and have primed the pipeline of business to get us off to a good start for 2012.”

During the year, the company increased the number of customers in its buildings by 14%.

Oglesby said he remains confident about the prospects for key regional property markets as they provide a more cost-effective base than London.