Property firm behind Platform development in Leeds reports ‘strong’ results

PROPERTY firm Bruntwood - the company behind the Platform development in Leeds city centre - said it had reported strong financial results following a year of “transformational growth”.

Bruntwood Chief Executive Chris Oglesby

Bruntwood developed the former City House building above Leeds Railway Station into an award-winning 120,000 sq ft development which has become home to legal giant Shoosmiths and a large tech incubator.

The results for the year to the end of September represent the first financial period since the group created Bruntwood SciTech, a joint venture with Legal & General, to develop a network of innovation districts across the UK.

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In a statement, Bruntwood said: “The creation of Bruntwood SciTech and the launch of Bruntwood Works - a new brand for its core office business - allowed the group to better respond to its customers’ increased and diverse expectations, and strengthened its ability to deliver its purpose of creating thriving cities.”

Turnover for Bruntwood Group Limited rose 16.6 per cent to £160.1m, whilst the total value of its assets under management increased from £1.3bn to £1.4bn. Pre-tax profit of £52m was achieved.

The statement added: “This was down on the prior year, but ahead of expectations and reflective of the re-risked nature of the group as the percentage of the company’s capital allocated to development was reduced to a third of the level of the previous year.”

Chief executive Chris Oglesby said: “At Bruntwood we are relentless in our passion to support our customers. In a year where the UK saw a sharp fall in inward investment as a result of the uncertainty over Brexit, we invested a record amount in creating places for businesses to thrive, reflecting our belief in the underlying strength and potential of great cities like Birmingham Liverpool, Leeds and Manchester.