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Bruntwood announces record 40th year

Bruntwood has announced a positive performance during the 2015/16 financial year.

Accounts show the firm broke through the £1 billion mark for property under its ownership for the first time in its 40-year history.

Net worth, at £473 million, was up by 16% on 2015, surpassing its pre-recession high of £437m.

Turnover for the company also hit a new record level of £118m, up 9% from £108m in 2014/15.

The group acquired over 100,000 sq ft of property during the last financial year including Commercial Union House in Manchester, which is currently being redeveloped as Union.

In total, £96m was invested in development and refurbishment across the portfolio.

The firm expects to complete 700,000 sq ft of schemes in 2017 including starting on site with the commercial phases of Circle Square and continuing the repositioning project at Alderley Park, Cheshire.

Commenting on the results, Chris Oglesby, group CEO (pictured), says: “This has been another fantastic year for the Bruntwood Group of Companies which continue to go from strength to strength.

“Despite the uncertain macro-economic backdrop, demand for our product and service proposition in our core cities remains strong.

“Vacancy in our investment portfolio is at an all time low, and we now have the capital and financing structure to not only deliver our significant development pipeline, but also to provide resilience should economic conditions change.”