Bruntwood SciTech, the UK’s largest dedicated property platform for science, tech, and innovation sectors, has reported an operating profit of £30 million for the year ending 30 September 2024, a sharp rise from £9 million in 2023. The joint venture, backed by Bruntwood, Legal & General, and Greater Manchester Pension Fund (GMPF), also saw a 10% like-for-like rental uplift and a significant expansion of its portfolio following a £500 million equity investment.

Despite market valuation declines contributing to a pre-tax loss of £163 million, Bruntwood SciTech’s asset base has grown to £1.5 billion, spanning major UK innovation hubs including Manchester, Leeds, and Liverpool. The firm remains confident in its long-term investment strategy, which it says will underpin future profitability as valuations stabilise.

The company has been actively developing and refurbishing 1.45 million sq ft of specialist workspace, with notable projects including the redevelopment of West Village and 14 King Street in Leeds and major construction progress at Manchester Science Park, Birmingham Health Innovation Campus, and the £1.7 billion innovation district Sister - formerly known as ID Manchester.

Bruntwood SciTech has also secured key lettings, supporting the expansion of 63 businesses and welcoming over 200 new companies, including global insurtech firm QBE in Leeds, data science consultancy VLDB Group in Liverpool, and UK Biobank’s new HQ at Manchester Science Park.

CEO Chris Oglesby highlighted the firm’s resilience and long-term vision:
“We have always been, and continue to be, a long-term patient investor. We remain steadfast in our business plan and are confident that we will see profits rebound in the years ahead as our investment strategy matures and the cycle returns to valuations stabilising and eventually rising once more. At the same time, our customers are doubling down on their commitments and we're welcoming new businesses to our portfolio in their hundreds - a sure sign of the resilience of the market.”

Looking ahead, Bruntwood SciTech is pressing forward with a £150 million development pipeline, including £50 million allocated to retrofitting and refurbishing existing assets. The company has also announced a £200 million partnership with Imperial College London to develop an innovation centre at White City, marking its first move into the capital while maintaining its commitment to regional growth.

Recent milestones include the signing of Auto Trader as a major tenant at No. 3 Circle Square in Manchester, reinforcing continued occupier demand for high-quality innovation space.

Bruntwood SciTech remains focused on expanding its portfolio to support more than 2,600 high-growth businesses, reaffirming its role in strengthening the UK’s knowledge economy.