NORTH West property firm Bruntwood is reporting flat profits for the year ending September, 2010, but has seen a 28% rise in lettings.

The Manchester-based firm is one of Liverpool’s biggest commercial property owners, and its city portfolio includes the Plaza and the Cotton Exchange complex, both in Old Hall Street.

During the period, the total value of the company’s portfolio of offices was up 4% to £948m, and its net worth up 3.2%, to £310m.

Turnover was up 3% to £100.2m, while net profit fell slightly to £11.1m.

Bruntwood chief executive Chris Oglesby said: “Despite a tough market and stiff competition, we have delivered a very impressive increase in new lettings with a record year in Greater Manchester and continued success in our other three cities – Liverpool, Birmingham and Leeds, where we have attracted significant new occupiers.

“I am proud of the way that the team at Bruntwood have once again responded in delivering another very good set of results.”

Last year also saw the firm moving into acquisitions again, with the purchase of new properties in Leeds, Manchester and Birmingham.

Mr Oglesby added: “Although the market appears to be awash with bargains at the moment, on closer scrutiny, there is very little stock offering value of any quality.

“Despite this, we were able to dig out three high-quality buildings which we believe offer exceptional value across the cycle.

“We are pleased to be acquiring properties again and are keen to extend our customer- focused business model across the major UK regional cities.

“We work hard to be seen as our customers’ property partner, rather than their landlord, and focus all our efforts on creating the right environments for them to succeed.

“Put simply, we know that our success and growth is inextricably linked to theirs.”

Bruntwood owns more than 100 office buildings across Manchester, Liverpool, Leeds and Birmingham.

It specialises in providing “bespoke” office space.