In its annual results, the family owned commercial property company, revealed a 4% increase in the value of its office portfolio to £948m in 2010 compared to 2009. However, net profit declined by 11% to £11.1m compared to £12.5m in 2009.
There was a 28% increase in new lettings across its office portfolio in Manchester, Liverpool, Leeds and Birmingham, and turnover was up 3% to £100.2m.
The company also reported a 3.2% increase in its net worth to £310m over the same period.
Bruntwood’s 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.
“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.”
Abacus Office Finder are pleased to be able to offer serviced offices owned by Bruntwood Business Centres Ltd in the following locations: Altringham, Cheadle Hulme, Knutsford, Warrington, Manchester,Liverpool, Birmingham and Leeds.
Read more: http://www.propertyweek.com/news/news-by-sector/offices/bruntwood-office-portfolio-increases-in-value-but-profits-decline/5012854.article#ixzz1CzRIakT9