Member Article

Office investment pays off in growth for Bradley Hall

North East chartered surveyors Bradley Hall have reported one of their most successful years since the company’s formation in the late 1980s.

Since the firm opened their Grey Street premises at the height of the property market crisis, Bradley Hall have increased turnover by 35% to more than £1.1 million in the year to the end of March 2014.

Revenues were generated by a significant rise in residential sales, while commercial property transactions also increased due to healthy activity in the industrial, warehousing, office and retail markets.

During the year the firm also increased the number of properties under its management by more than a quarter.

The value of its client rent roll – a register of rents that includes the names of tenants and the amount they owe – rocketed by 30% to more than £5 million. Enquiries on a like-for-like basis were up by 51% in the same period.

Bradley Hall director Neil Hart labelled the Grey Street move “one of the bravest decisions in the company’s 26-year history”.

He said: “We decided to invest at a time when the market had hit rock bottom. We wanted to be in a position where we could take advantage when activity picked up again.

“It was a big risk because back in 2010 people were saying that the market could take years to recover. It has paid off now though; we are profitable, carry no debt and our revenues are almost back to where they were before the financial crash.”

Peter Bartley, director of Bradley Hall, added: “Whilst revenues have fallen during the recession, it is obvious that we have actually gained market share and as a result of this, have seen a large increase in the current turnover with future turnover expected to grow substantially.

“Our expert knowledge of the market and ability to deal with all transactions across the commercial and residential spectrum has only enhanced our brand and allowed us to push on with such good growth figures.”

In the first quarter of 2014 Bradley Hall completed on several commercial property deals, including the seven-figure purchase of the former Kerry Foods factory near Durham Retail Park on behalf of serial entrepreneur Andrew Ward. In the same period, the firm instructed on £30 million of residential property deals.

During this period the company bolstered its senior management team with the appointments of associate directors Richard Rafique and Amanda Burbridge – a move which is predicted to help the firm grow revenues by a further 35% in this financial year.

Mr Hart said: “We are going for more growth this year. The phones have been ringing and we’ve completed more deals. We also have a healthy pipeline of work stretching forward well into 2014. After a difficult recession, it’s a good time to be in property again.”

Launched in 1988, Bradley Hall operates from three sites in Newcastle, Durham and Gosforth. The Grey Street operation focuses mainly on commercial transactions, while the Gosforth office leads almost exclusively on residential activity. The Durham outlet performs a dual role in managing commercial and residential instructions.

This was posted in Bdaily's Members' News section by Tom Keighley .