The property development sector has seen a remarkable boost, particularly for one leading firm. This surge is largely due to the technology and science sectors.
With a strategic focus on innovation and supporting citywide priorities, the company has achieved unparalleled financial success, indicating a promising future ahead.
Record Financial Results
Property developer has delivered record results thanks to its focus on serving companies in the technology and science sectors. It owns more than 100 buildings across the North and Midlands, home to over 3,000 companies. The firm saw profits in the year ending September 2018 leap by 62 per cent to £116 million. This rise is attributed to the value it has added to properties in Birmingham, Leeds, Liverpool, and Manchester. Their focus on innovation and supporting key citywide strategic priorities also played a significant role in their success.
According to the CEO, Brexit is a huge challenge for the economy. By working with civic and academic partners toward creating environments where businesses, particularly in globally-facing sectors such as science and technology, can prosper, the firm aims to meet this challenge effectively.
Bruntwood SciTech Joint Venture
In one of the biggest strategic moves in its 42-year history, the firm launched a joint venture in October 2018. The collaboration, a 50-50 joint venture with Legal and General, is the UK’s largest property platform dedicated to driving the growth of the science and technology sector in regional cities.
The initiative aims to contribute to the Government’s Industrial Strategy by creating over 50,000 high-value jobs over the next ten years. It will be expanding the portfolio to over 6 million square feet, with a valuation of over £2.5 billion.
Tech Incubator Initiatives
In April, a Tech Incubator was launched at Platform in Leeds.
By May, the Manchester Tech Incubator, managed by Manchester Science Partnerships, was officially opened by Greater Manchester Mayor. The incubator supports entrepreneurs and early-phase data science and digital technology innovation companies. Within six months of its launch, it was 90 per cent let, housing some of the North West’s most innovative and disruptive tech businesses including Ai Patient, Blockrocket, and Wakelet.
Commitment to Communities
The firm, together with a Charitable Trust, continued its long-standing commitment to making a difference to communities. They donated £4.6 million to local charities and initiatives spanning the environment, arts, medical research, education, and tackling social inequalities.
The CEO stated that by continuing to invest in their customers, colleagues, and communities, despite the uncertainty Brexit will bring, they can be confident of further growth. He reiterated their focus on creating thriving cities.
The firm’s assets under management increased from £1.09 billion in 2017 to £1.27 billion.
In conclusion, the tech sector’s vitality has significantly bolstered the property development field, setting new records for the firm.
As they continue to innovate and support strategic priorities, sustained growth seems not just likely, but inevitable.