THE regional property market will be strong enough to cope with any challenges caused by Brexit, according to senior figures at Bruntwood.
Property firm Bruntwood today revealed that it had delivered record annual results against a backdrop of technological disruption and economic upheaval.
Profit before tax in the year ending September 2018 increased by 62 per cent to £116m. Assets under management increased from £1.09bn in 2017 to £1.27bn and shareholder’s funds rose to £570m from £513m in 2017, while borrowing as a proportion of value was reduced to less than 45 per cent.
Bosses at Bruntwood said that despite the challenges presented by Brexit, the regional markets it operates in will be resilient enough to withstand the “stormy waters” that may emerge in the months ahead.
Chief Executive Chris Oglesby said: “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.”
Bruntwood owns more than 100 buildings across the North and Midlands which are home to more than 3,000 companies. During 2018, £19.3m was invested in capital improvements and refurbishments, up from £17.3m in 2017. A further £49m was invested in developments.
Bruntwood has transformed the former City House building above Leeds Railway Station into an award-winning 120,000 sq ft development which is home to legal giant Shoosmiths and a large tech incubator.
Last year, Bruntwood entered into a partnership with Legal & General Capital to create Bruntwood SciTech, Europe’s largest property portfolio dedicated to supporting the growth of science and technology companies.