Manchester-based commercial property investor and developer Bruntwood Group has published annual accounts for the period ending September 30, 2025, showing total assets under management across its wholly owned portfolio and joint ventures has now grown to £1.9 billion.

Bruntwood Group said it delivered an operating profit of £18.6 million, demonstrating “the resilience of its core town centre portfolios and services businesses.”

Bruntwood reported a loss before taxation of £12.9 million (2024: £73.7 million loss), representing a substantial year-on-year improvement.

“The business also successfully completed the refinancing of its club bank facility for its Bruntwood Places portfolio with Santander, HSBC, NatWest and Barclays in February, extending the facility by £90 million and 12 months,” said Bruntwood.

“This enabled the repayment of Retail Bonds due in February 2025, while providing £29.0 million of undrawn commitments and a comfortable level of covenant headroom as at 30 September.”

Bruntwood said occupational demand remained strong throughout the year, with Bruntwood welcoming over 455 new customers and completing nearly 900,000 sq ft of lettings transactions across the entire portfolio of the Bruntwood Group, including its joint ventures.

“To meet this demand, Bruntwood invested £16m in its Bruntwood Places portfolio – £6.2 million in its wholly owned office portfolio and a further £9.8 million through its town centre joint ventures with Trafford and Bury Councils,” said the group.

“Bruntwood Places comprises a £240 million portfolio of workspace, alongside a £84 million portfolio of town centre regeneration projects, serving nearly 800 customers.”

Bruntwood SciTech, the joint venture with L&G and Greater Manchester Pension Fund, invested £156 million across its portfolio during the year.

The business completed a record volume of development schemes with a gross development value of £245 million, including No.3 Circle Square and Citylabs 4.0 in Manchester, West Village in Leeds, and No.1 Birmingham Health Innovation Campus, whilst its development of the Greenheys laboratory building at Manchester Science Park, home to UK Biobank, is due to compete in Spring 2026.

Bruntwood SciTech’s portfolio now stands at £1.6 billion across 5.8 million sq ft, serving over 1,500 high-growth businesses. It has plans to create a £5 billion portfolio by 2033 and has a 3 million sq ft secured development pipeline, including its Sister JV with the University of Manchester, further phases of Citylabs with Manchester University Foundation Trust, Birmingham Health Innovation Campus with the University of Birmingham and Hemisphere in Liverpool through the Sciontec JV.

Chris Oglesby, CEO of Bruntwood and Bruntwood SciTech, said: “2025 has been a pivotal year for Bruntwood, characterised by strong operational execution and strategic investments positioning us for sustainable long-term growth. Despite navigating a complex global economic landscape, our core business units have demonstrated resilience and adaptability.

“In the office sector, it has been a tale of two halves. While capital markets have faced significant headwinds with yield-driven valuation reductions of around 35% across the wider market over the last two-and-a-half years, occupational markets have been incredibly strong.

“Rental growth is at levels I haven’t seen in my 35 years working across our city regions, and businesses increasingly recognise the value of quality workspace in driving productivity.

“Our investment in our wholly owned portfolio and joint ventures reflect our conviction that for cities to thrive, they need a network of thriving towns. The opening of King Street in Stretford and continued progress at Stamford Quarter demonstrate our commitment to consultation-led regeneration that delivers lasting benefit for local communities.

“Looking ahead, we are well-positioned to capitalise on emerging opportunities. We end the year with a strong balance sheet, diversified revenue streams and a commitment to innovation – all of which provide a solid foundation for future growth.”